CBA Welcomes CFPB’s Statement on TRID Compliance Challenge

 

Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to today’s news from CFPB Director, Richard Cordray, that the Bureau’s enforcement will be sensitive to those mortgage lenders seeking to comply in good faith with the CFPB’s TILA-RESPA Integrated Disclosure (TRID) regulation:

“As the industry approaches the date for transition to the new mortgage disclosure rule, we applaud the Director’s decision finally to recognize good faith compliance efforts, but we believe even greater protection from liability is warranted.  This is a colossal undertaking dependent on timely deliverables from outside vendors which requires significant testing and training.  Our members have worked diligently to meet the deadline in order to not delay consumers’ access to credit.  Ultimately, we all share the Bureau’s goal of achieving a more streamlined consumer experience in mortgage origination,” said CBA’s President and CEO Richard Hunt.

Background:  Director Cordray also indicated the Bureau will be issuing a one-page clarification concerning the three-day revocation period.

About CBA
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.

The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Maggie Seidel, mseidel@consumerbankers.com, (571) 447-0197 or visit www.consumerbankers.com.