Mon, Jul 6, 2015
Washington, District Of Columbia
The Consumer Financial Protection Bureau has issued its promised proposal to delay the effective date of its TILA/RESPA Integrated Disclosure (TRID) rule, dubbed the "Know Before You Owe" rule by the Bureau, not to October 1, as it announced earlier, but to October 3, 2015, to accommodate lenders planning on a Saturday effective date. The proposal is 23 pages long, including prefatory text explaining the reasons for the proposed postponement -- the Bureau does acknowledge that it "has learned that delays in the delivery of system updates have left creditors and others with limited time to fully test all of their systems and system components to ensure that each system works with the others in an effective manner." Also included are a number of proposed changes to the text of the regulation and commentary in which specific references to the current effective date of August 1 are included. Comments on the proposal are due by July 7, 2015.