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CFPB proposes TRID cleanups


The government’s consumer watchdog proposed cleanups to the TRID rule on July 29.

The Consumer Financial Protection Agency (CFPB) has proposed changes that touch on four major areas in the consumer disclosure rule. TRID went live last October, creating new streamlined  forms and a new disclosure schedule that locks in rates.

It was a major change, and industry trade groups have repeatedly called for greater clarity.

The proposed changes, which can be read here, touch on the disclosures of finance charges, the fees associated with housing assistance and the sharing of information among third parties. The CFPB is also proposing to extend the TRID rule to all cooperative units.

Several industry trade groups praised the CFPB for undertaking the revisions, but indicated they will likely press the Bureau to go farther to clarify the rules. The CFPB is taking comments until Oct. 18. 


 

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