WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY), a senior member of the House Financial Services Committee, today released the following statement in reaction to the Consumer Financial Protection Bureau’s decision to delay implementation of the Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) regulation:
“This rule will reduce the number and complexity of disclosure forms home buyers must review when closing on a home, but the original timeline put implementation smack in the middle of peak home buying season. Thankfully, the CFPB recognized the need for flexibility, and today Director Cordray announced that implementation of TRID would be delayed until October. This will provide the industry and homebuyers with the breathing room they needed to close on homes before the start of the school season. I applaud the CFPB for making this reasonable accommodation and continuing to put consumers first.”
On May 20, Reps. Carolyn B. Maloney (D-NY), Andy Barr (R-KY), and 252 other House Members asked the Consumer Financial Protection Bureau for a grace period that would help lenders and home buyers comply with the TRID regulation required by the Dodd-Frank Wall Street Reform. A copy of the letter is available here.