U.S. Congresswoman Joyce Beatty (OH-03) applauded the Consumer Financial Protection Bureau's (CFPB) announcement this week to delay the implementation of the Truth In Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) Integrated Disclosure rule until October 1st, 2015. The integrated disclosure is intended to simplify the home closing process for borrowers; however, Members of Congress and stakeholders voiced concerns about implementing new procedures during the busiest time of the year for the housing market.
"I am pleased that CFPB listened to the concerns of Members of Congress and stakeholders by delaying the effective date of the TILA-RESPA Integrated Disclosure rule," said Rep. Beatty. "We all want borrowers to understand their mortgages, and the extended deadline will allow time for lenders and provide seamless enhanced service to customers."
Rep. Beatty proactively spearheaded meetings with realtors, lenders, and other stakeholders from Central Ohio to develop a solution to challenges emerging from the original disclosure deadline. In May, 2015, Rep. Beatty spoke with CFPB Director Cordray to discuss her support for extending the compliance deadline.
The original implementation date of the TILA-RESPA Integrated Disclosure rule was originally scheduled for August 1st. Rep. Beatty joined 253 Members of Congress in sending a letter to CFPB Director Cordray on May 20, 2015 encouraging a "grace period" for lenders seeking to comply in good faith from August 1st through the end of 2015.
"I urge the public to comment on this proposal and look forward to a final decision that captures the concerns of the American people and would allow market participants the ability to test their systems and procedures ahead of the final implementation date," added Beatty.