Credit Union News Blog by Oak Tree Business Systems, Inc. - Your fun and informative source for updates, regulations and more.
TILA-RESPA Integrated Disclosure requirements go into effect August 1, 2015, but now there will be a good-faith enforcement grace period. Stevens said that the grace period allows for institutions that are working in good faith to implement the rule, "the regulatory framework in this country will use what they can to provide instructive guidance during this delay period." This goes beyond lenders, including "service companies, real estate companies, and third-party vendors" who need to make their systems compliant, according to Stevens. This grace period is open-ended and will go to at least the end of 2015. However, this grace period timeline could be extended if needed, depending on how disruptive the new regulatory implementation is.
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