The Consumer Financial Protection Bureau today published its plan for conducting a five-year assessment of the 2013 TILA-RESPA Integrated Disclosure rule. The CFPB is conducting the review pursuant to the Dodd-Frank Act, which requires that all significant rules issued by the bureau be assessed within five years of their effective date.
The CFPB is seeking feedback on the costs and benefits of the TRID rule for consumers, lenders and other stakeholders, aspects of the rule that are confusing or in need of further guidance and recommendations for modifying, expanding or eliminating the rule, among other things.
The American Bankers Association has long raised concerns that the rule is exceedingly prescriptive and imposes significant and unnecessary costs and liabilities on lenders, and intends to comment on the proposal. Comments on the CFPB’s proposed assessment plan will be due 60 days after publication in the Federal Register.