Regulators Emphasize “Good Faith” Approach to TRID Compliance

With the TILA/RESPA integrated disclosure requirements going into effect tomorrow, October 3^rd, the CFPB’s Richard Cordray and the other financial institution regulators will be focusing on the financial institution’s “good faith efforts” to comply with the new rule. To that end, examiners will consider institutions’ implementation plans, including actions taken to update policies and procedures, staff training, and the handling of early technical problems or other implementation challenges. However, at the same time Congress has asked the financial trade associations to keep them informed about TRID enforcement activity. [10/2/15]