Letter from Senators Joe Donnelly, Tim Scoott, et al. to CFPB Urging a TRID Implementation Grace Period
Issue Date: May 21, 2015
On May 21, 2015 Senators Joe Donnelly, Tim Scoott, and 39 other Senators sent a letter to CFPB Direter Cordray. The letter urges the CFPB to implement a grace period from August 1,2015 through December 31, 2015 covering lenders who demonstrate a good faith effort to comply with TRID. The letter expressed the Senators' opinion that providing such certainty to lenders who work in good faith to properly utilize TRID will encourage a more seamless implementation of the new disclosure, while still protecting consumers from unfair trade practices.