On April 28th, the CFPB issued a letter in which it acknowledges that TRID has brought with it “operational challenges” and their plan to issue a Notice of Proposed Rulemaking in July that will provide “greater certainty and clarity” regarding the TRID Rule.
What does this actually entail? Good question. In the letter; however, Director Cordray does acknowledge that incorporating some of the Bureau’s existing informal guidance…”would be helpful”. We definitely agree!!
As always, we’ll keep you updated as we learn more!
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!