TRID Relief "Hold Harmless" Period Pending
Tuesday, September 29, 2015 Richard Cordray, director of the Consumer Financial Protection Bureau, told the House Financial Services Committee there is relief on the way with respect to implementing the new TRID rules.
In the hearing, the director stated the FFIEC would issue a written statement soon that creates an examination "hold harmless" period. According to Cordray, the "hold harmless" period will last for 6 months, and perhaps more, in an effort to give vendors and bankers more time to get it "right."
Cordray said federal banking agency examinations would be "diagnostic, corrective and not punitive." Importantly, these same agencies will work with (rather than against) bankers by providing resources for the implementation of the new TRID rules in an effort to make sure everyone is up to speed and ready to fully implement these new rules.
The original enforcement date is October 3, 2015. As soon as we receive clarification we'll make sure it is published.