ICBA, Coalition Endorse Senate Bill Offering TRID Grace Period
ICBA and a coalition of other trade groups expressed support for legislation directing the Consumer Financial Protection Bureau to provide a hold-harmless period for the bureau’s TILA-RESPA Integrated Disclosure (TRID) regulation. S. 1711, introduced by Sens. Tim Scott (R-S.C.) and Joe Donnelly (D-Ind.), would apply the grace period through the end of the year following the TRID rule’s Oct. 3 effective date.
The legislation, which ICBA previously endorsed in a letter to lawmakers last week, would ensure limited liability through 2015 for institutions acting in good faith to comply with the regulation. S. 1711 is a companion bill to House legislation introduced in May by Reps. Brad Sherman (D-Calif.) and Steve Pearce (R-N.M.).
The CFPB recently proposed a delay in TRID implementation from Aug. 1 to Oct. 3. Read Coalition Letter. Read ICBA Letter.