Life Under TRID: TRID 2.0 Proposed Rule Omits Any Additional Cure Provisions
August 8, 2016
The CFPB is not offering additional cure provisions in its proposed rule to update and clarify certain aspects of its Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, otherwise known as TRID. TRID “2.0” was released late last month, fulfilling the bureau’s promise to issue the proposal by the end of July. As widely anticipated, the proposed amendments also essentially codify the bureau’s informal guidance on various issues and include clarifications and technical amendments. (See additional stories on pages 3-6.) “The intent of this proposal is to integrate some of the bureau’s existing informal guidance, whether provided through webinar, compliance guide or otherwise, into the regulation text and commentary of Regulation Z where appropriate,” the agency said....