WASHINGTON (7/20/15)--The Consumer Financial Protection Bureau (CFPB) has announced a forum regarding the agency’s new eClosings program. eClosings is part of the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule, known to the CPFB as “Know Before You Owe.”
The bureau launched an eClosings pilot program last year, which included two credit unions. The pilot program explored how the increased use of technology could aid consumer understanding and engagement during the mortgage closing process.
The forum is scheduled to take place at the CFPB’s headquarters in Washington, D.C., on Aug. 5, starting at 1 p.m. (ET). The event is open to the public but requires an RSVP. Live video will also be streamed on the bureau’s blog.
TRID was originally intended to be implemented Aug. 1, but the bureau has proposed to push the implementation date to Oct. 3. CUNA, as well as other mortgage industry stakeholders and a number of legislators, have urged the agency to provide a hold-harmless period through the end of the year.