CFPB Director Cordray Addresses TRID Compliance During Testimony

This morning, March 16th, Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray testified before the House Financial Services Committee, and provided the CFPB’s annual report to Congress. Important to SFIG members, the following exchange occurred between Congressman Blaine Leutkemeyer (R-MO) and CFPB Director Cordray regarding compliance with TILA-RESPA Integrated Disclosure (“TRID”) during the hearing: 

Congressman Leutkemeyer:  “We have seen concern by the industry who are struggling with the rule.  What do you see from your position as [TRID] enforcer?"

CFPB Director Cordray:  “We are going to be corrective and diagnostic during this open-ended [TRID] implementation period - and not punitive - and it remains open-ended.  We have taken no enforcement actions, and I do not expect to take any corrective actions unless someone is blatantly failing to try to implement the rule.  To the extent that they are making mistakes but trying to get it right, we are attempting to provide more clarification to them, which is something the industry is asking us for.  We also recognize that no one is trying to exploit consumers here, this is just a matter of getting these forms right and getting them correct.”

Congressman Leutkemeyer:  “Are you going to issue additional guidance on this, or do you feel that everybody is doing ok with what is going on?”

CFPB Director Cordray:  “We have been monitoring this very closely. The last thing I want is for any of our rules to cause a jamb-up in the market beyond anything that anyone would intend.  We are getting more guidance inquiries every day. The trade associations are working together to provide some joint questions that they think are most important. We will attempt to be responsive to that, and feel free to keep after us to be responsive to that.”

Congressman Leutkemeyer:  “Oh, we will, trust me.”

On February 4th, SFIG staff and members met with the CFPB to discuss TRID implementation. To view the joint-trades letter to the CFPB regarding TRID compliance, please click here.

To view a recording of the hearing, please click here. For questions about TRID compliance, please contact If you are a mortgage issuer and wish to register for the Residential Mortgage Issuer Committee, please contact or

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