CFPB Allows Grace Period for New Rule Rollout

(RECAP: Today, the Consumer Financial Protection Bureau (CFPB) announced that it will be “sensitive” to the good-faith efforts of lenders implementing the new Truth-In-Lending and Real Estate Settlement Procedures Integration Disclosure (TRID) regulations set to take effect on August 1. CFPB Director Richard Cordray was responding to a letter he received last week from a bipartisan group of over 250 members of Congress, who felt that the industry did not have sufficient time to properly test new procedures that will impact every mortgage application and real estate closing.)