The Consumer Financial Protection Bureau has announced that it will conduct an assessment on the TRID Integrated Disclosure Rule (the Truth in Lending Act and the Real Estate Settlement Procedures Act). The CFPB is seeking public comment on the assessment.
The TRID rule combines certain disclosures that consumers receive under TILA and RESPA, and requires that creditors use standardized forms for most transactions. The rule also requires creditors to provide loan estimates and closing disclosures within three business days.
The CFPB intends to assess the TRID rule’s effectiveness, the specific goals of the rule, and other relevant factors. The bureau is inviting the public to comment on the feasibility and effectiveness of the assessment plan, to make recommendations for improving the assessment plan, and to make recommendations for modifying, expanding or eliminating the TRID rule.
Comments can be made at the CFPB’s website. The comment period will open once the notice is published in the Federal Register. The deadline for submissions is Jan. 21.