ABA and several housing and financial trade groups yesterday asked the federal banking agencies to issue formal joint guidance through the Federal Financial Institutions Examination Council clarifying how they will examine compliance with the TILA-RESPA integrated disclosures after the new forms and processes take effect Oct. 3.
“Industry stakeholders have undertaken extensive efforts to comply with these rules, but, even now, they are discovering significant compliance issues,” the groups said. “These discoveries raise liability concerns that cannot be realistically resolved before the deadline, as many will require formal authoritative guidance.” They asked the FFIEC agencies to implement “a clearly articulated transition period” to help lenders and other housing market participants making good-faith efforts to comply.
