Seven months after the implementation of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule, the bureau announced a notice of proposed rulemaking expected to be released by late July.
The new rulemaking, would incorporate some of the bureau’s existing informal guidance from their webinars as well as provide adjustments in the regulatory text and commentary. By adding the informal guidance into the rule it will provide the industry, in writing, the guidance we have been asking for as law rather than interpretation. In a letter to the industry, Director Cordrey stated:;
“We do recognize that incorporating some of the bureau’s existing informal guidance, whether provided through webinar, compliance guide, or otherwise, into the regulation text and commentary would be helpful,” he wrote. “We also believe that there are places in the regulation text and commentary where adjustments would be useful for greater certainty and clarity.
“Accordingly, we have begun drafting a Notice of Proposed Rulemaking (NPRM) on the Know Before You Owe rule. We hope to issue the NPRM in late July and look forward to your comments on it then.”
This is a common process with most government departments that issues big rules. Stay tuned....