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Tim Scott, a senator from South Carolina, sponsored a bill that would “provide for a temporary safe harbor from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, and for other purposes.” The bill is known as S.1711.
Good morning, The Consumer Financial Protection Bureau issued a final rule July 21, 2015, announcing the delay of the effective date for the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule (TRID), from Aug. 1 to Oct. 3, 2015.
The Consumer Financial Protection Bureau recently proposed to extend the effective date of the TILA-RESPA Integrated Disclosures rule from Aug. 1 to Oct. 1, 2015. Now the CFPB is requesting it to take effect Oct. 3 and is asking for comments on this proposal.
The Consumer Financial Protection Bureau has proposed that the new TILA-RESPA Integrated Disclosure be delayed till Oct. 1. TRID is currently slated to take effect Aug. 1. We’ll keep you updated on the status of this proposal. As far as the reason for the delay, CFPB Director Richard Cordray said they need the time “to […]