CFPB’s Open-Ended Corrective, Diagnostic Approach To TRID Enforcement Still in Effect, Cordray Says
March 17, 2016
The Consumer Financial Protection Bureau has not changed its “corrective and diagnostic” supervisory and enforcement approach towards the industry’s implementation of the integrated disclosure rule known as TRID, and does not expect to bring any enforcement action any time soon unless there is blatant misconduct, CFPB Director Richard Cordray told members of Congress this week. Whether mortgage lenders get any additional, official clarification or guidance from the agency to help with their compliance and litigation concerns is another matter. During a hearing Wednesday of the House Financial Services Committee, Rep. Blaine Luetkemeyer, R-MO, engaged...