The House Financial Services Committee annual report from Richard Cordray, director of the Consumer Financial Protection Bureau, on Tuesday morning.

When Director Cordray was asked about whether the CFPB will implement a grace period for lenders dealing with the new requirements of the TRID rule, Cordray responded by saying the CFPB will have an informal grace period “for some period of months, I’m not going to be specific here … will be diagnostic not punitive.”

To read Director Cordray's entire testimony click below:

Financial Services Committee Testimony