WASHINGTON (6/3/15)--Consumer Financial Protection Bureau (CFPB) Director Richard Cordray met with lawmakers Tuesday to discuss the bureau’s new mortgage disclosures rule, according to a report from Politico Pro (June 2).

The Truth-in-Lending Act-Real Estate Mortgage Disclosure Act integrated disclosures (TRID) rule is scheduled to become effective Aug. 1, but organizations such as CUNA, as well as a number of lawmakers, have requested a safe harbor period through the end of the year.

According to the report, the CFPB is likely to make an announcement regarding the rule in the next few days. The TRID rule is intended to make the mortgage disclosure process more transparent for consumers, with the use of universal forms and consumer access to information about a loan’s true costs.

CUNA supports a bill that would provide a safe harbor from enforcement and litigation until the end of the year. That period would allow credit unions and other financial institutions to figure out the day-to-day aspects of complying with the rule without worrying about enforcement and liability.

More than 300 members of Congress wrote to the CFPB last week requesting the same safe harbor, and a number of mortgage industry stakeholders explained the importance of the grace period in a recent House Financial Services subcommittee hearing.

 Rep. Blaine Luetkemeyer (R-Mo.), who reportedly was one of the legislators who met with Cordray Tuesday, has previously said he has heard from a number of businesses that the mortgage industry and vendors, despite having spent upwards of $100 million for new systems, will not be fully ready for the change.