TRID enforcement delayed
First, why is this Banker Direct Important to you?
We frequently get asked about the email volume we send to our readers on a weekly basis. The reason we provide information on our website, by email and in the Oklahoma Banker newspaper is that we believe the information will have a direct impact on your bank’s earnings, profitability, service to customers and employee salaries and benefits.
Here’s the news:
Tuesday, Richard Cordray, director of the Consumer Financial Protection Bureau, told the House Financial Services Committee there is relief on the way with respect to implementing the new TRID rules.
In the hearing, the director stated the FFIEC would issue a written statement soon that creates an examination "hold harmless" period. According to Cordray, the "hold harmless" period will last for 6 months, and perhaps more, in an effort to give vendors and bankers more time to get it "right."
Cordray said federal banking agency examinations would be "diagnostic, corrective and not punitive." Importantly, these same agencies will work with (rather than against) bankers by providing resources for the implementation of the new TRID rules in an effort to make sure everyone is up to speed and ready to fully implement these new rules.
As soon as we receive the clarification we’ll make sure it gets to you and the bank. In the meantime, click here for a very thorough and outstanding memo about TRID written by the ABA’s Bob Davis.
If you have questions or concerns, please call us.