Congress Intensifies Pressure on CFPB Over TRID Enforcement
June 1, 2015
More than 250 members of the House of Representatives have signed onto a letter to Consumer Financial Protection Bureau Director Richard Cordray, urging he institute a “grace period” of enforcement with the bureau’s pending integrated disclosure rule that takes effect Aug. 1, 2015. The lawmakers have joined the mortgage lending industry in calling for an ease on tight enforcement of the TILA/RESPA Integrated Disclosure (TRID) rule from the Aug. 1 effective date through the end of the year. “[T]his complicated and extensive rule is likely to cause challenges during implementation, which is currently scheduled for Aug. 1, 2015, that could negatively impact consumers,” said the lawmakers. “As you know, the housing market is highly seasonal, with August, September and October ...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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