The Consumer Financial Protection Bureau (CFPB) today agreed to issue written, legally binding guidance on TRID questions and issues. The agreement came in the form of a letter to Lender Trade Organizations stating that CFPB will issue a proposed rule in July that will incorporate much of the guidance they have already provided the industry on an informal, non-legally binding basis. CMLA will press to have additional questions and issues addressed in the guidance.
CMLA welcomed the CFPB statement and pledged to provide the Bureau with a detailed list of TRID questions and issues, supplied by CMLA members for which guidance is urgently needed.
Thanks to all CMLA member companies and members of the CMLA Compliance Council, that responded to our requests for unanswered questions and issues that we were able to provide to Congressional Committees. These questions and issues helped persuade the Congressional Committees to put pressure on the CFPB to issue written, legally binding guidance that was promised today.