TO: State and Local Association Executives
FROM: Jerry Giovaniello, Senior Vice-President NAR Government Affairs
RE: CFPB Announcement
DATE: 4 June 2015
Please Note this email was sent to State and Local Association Government Affairs Directors at 11:30 Eastern Time
Yesterday the Consumer Financial Protection Bureau (CFPB) announced that it would be “sensitive” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation that goes into effect on August 1, 2015. This is a welcome development that can be compared to the effective CFPB implementation of the Qualified Mortgage (QM) regulation in 2014.
Bottom Line: The announcement by CFPB is a net win but less than what some Members of Congress requested, which was a hard deadline five-month testing or “grace” period.
Next Steps: NAR has been leading the effort to ensure an effective implementation of the TRID regulation. We will continue to have adialog with Congress and the CFPB as we move toward August 1, 2015. It was through our member efforts during the 2015 REALTOR®Legislative Meetings and Trade Expo that more than 275 U.S. Senators and Representatives signed onto a letter to CFPB Director Richard Cordray to ask for the clarification that was issued yesterday.
Communicating with your Members: We recommend that you reinforce the use of a link to www.realtor.org/respa for the latest information on this issue.
If you have any questions or concerns please contact our Government Affairs Communications Director John DiBiase at[email protected] or by phone 202-383-103
