The Consumer Financial Protection Bureau (CFPB) announced on Wednesday that it would be “sensitive” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation that goes into effect on August 1, 2015. Although the announcement by the CFPB is less than what some members of Congress requested, which was a hard deadline five-month testing or “grace” period, it is a net win and a welcome development toward clarifying the changes coming to real estate closings on August 1.

The National Association of REALTORS® (NAR) has been leading the effort to ensure an effective implementation of the TRID regulation. NAR has advocated a period of restrained enforcement and liability for the TILA-RESPA Integrated Disclosure rule.

NAR will continue to have a dialogue with Congress and the CFPB to minimize possible market disruptions or uncertainty when the rule takes effect August 1. It was through member efforts during the 2015 REALTOR® Legislative Meetings and Trade Expo that more than 275 U.S. Senators and Representatives signed onto a letter to CFPB Director Richard Cordray to ask for clarification of the new rule.

For the latest information on this issue, visit www.realtor.org/respa.

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