ICBA Expresses Support for S. 1711
ICBA sent a letter to Sens. Tim Scott (R-S.C.) and Joe Donnelly (D-Ind.) expressing support for their legislation directing the CFPB to allow a hold-harmless compliance period through the end of the year following the effective date of the TILA-RESPA Integrated Disclosures (TRID) regulation.
S. 1711, which is a companion bill to legislation introduced in May in the House of Representatives, would provide for limited liability for lenders that attempt to comply, in good faith, with the new TRID requirements through the end of 2015. ICBA will continue to closely follow the legislation.