U.S. Senator Bob Corker, a member of the Senate Banking Committee, on Thursday applauded the decision by the Consumer Financial Protection Bureau to reopen its new Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule for public comment.
Senator Corker sent a letter to CFPB Director Richard Cordray in March requesting increased clarity regarding the TRID rule. Senator Corker also questioned Mr. Cordray about the regulation during a Senate Banking Committee hearing earlier this month, asking if the CFPB would consider steps to alleviate confusion.
“These new mortgage disclosure requirements have created some challenges for consumers and institutions,” said Senator Corker. “I commend Director Cordray for taking this important step to provide more clarity. The TRID rule is impacting millions of Americans, and we must ensure it is implemented in the most transparent and effective manner possible.”