The Consumer Financial Protection Bureau (CFPB) has once again adjusted the deadline for compliance with its new TILA-RESPA Integrated Disclosures (TRID) rules. The bureau is now proposing an effective date of Saturday, Oct. 3, as opposed to Thursday, Oct. 1, as previously announced.
The TRID rules were originally to take effect on Aug. 1, however, as reported last week, an administrative error required that the CFPB delay the effective date by at least two weeks. That delay, combined with multiple requests from lenders that the CFPB provide a ‘grace period’ for enforcement of the new rules – not to mention rumors that many lenders simply would not be ready by the original Aug. 1 deadline – prompted the CFPB to delay implementation to Oct. 1; however, it was acknoweldged that this was not an official deadline date.
In a release, bureau officials say setting the deadline for a Saturday ‘may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems.’
‘A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, Aug. 1,’ the bureau states.
The proposal to postpone implementation to Oct. 3 will be open until July 7, after which a final implementation date will be set.