news.cuna.org/articles/116974-compliance-cfpb-seeks-comments-on-trid-rule-effectiveness

Compliance: CFPB seeks comments on TRID rule effectiveness

November 25, 2019

The Consumer Financial Protection Bureau (CFPB) issued a request for public comment on an assessment it will conduct on the Truth in Lending-Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule.

CUNA’s compliance staff field multiple questions on this rule weekly, and as noted on CUNA’s CompBlog, this is an opportunity for credit unions to share how the rule is impacting credit union operations. Questions and concerns can also be relayed to cucomply@cuna.coop.

As part of its assessment, the CFPB intends to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors. 

The public is invited to comment on the feasibility and effectiveness of the assessment plan, recommendations to improve the assessment plan, and recommendations for modifying, expanding, or eliminating the TRID Rule, among other questions.

 The assessment is being conducted in accordance with Section 1022(d) of the Dodd-Frank Act that requires the CFPB to assess significant rules or orders adopted under federal consumer financial law.

The comment period is currently open with publication Friday in the Federal Register, the deadline for submissions is Jan. 21, 2020. According to the CFPB, it anticipates issuing a report on the assessment no later than Oct. 3, 2020.

In addition to the CompBlogCUNA’s Compliance Community contains discussion boards and a number of other resources for credit union compliance professionals around the country.