CFPB to Assess Effectiveness of TRID Rule

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The Consumer Financial Protection Bureau (CFPB) is re-visiting the TILA-RESPA Integrated Disclosures (TRID) rule to assess its effectiveness.

The bureau is requesting public comment on the rule, which was enacted in 2014 as part of an effort to make mortgage disclosures clearer and easier to understand for consumers. 

In a release, the bureau says it is assessing the rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors.

The bureau says it will consider recommendations for modifying, expanding or eliminating the TRID rule – which has been modified several times since it was first introduced, based on industry feedback.

The bureau’s release does not include any specific recommendations of its own. There doesn’t appear to be any specific issues that the agency itself is looking to address.

The assessment is being conducted in accordance with Section 1022(d) of the Dodd-Frank Act, which requires the bureau to assess significant rules or orders adopted under federal consumer financial law.

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