Cordray: A diagnostic approach to TRID first

CFPB Director Richard Cordray, responding to questions from Representative Brad Sherman (California), said that for some unspecified period of months, "there will be a diagnostic approach to [examinations for compliance with the new TRID Rule]. Nobody believes that the market participants are trying to abuse consumers here. They're just trying to change their systems, and get it right. It will be diagnostic, and corrective, not punitive, and there will be time for them to get it right and not be perfect on the first day," reports DSNews. Cordray said that the Bureau is working to provide written guidance concerning what Sherman termed a "hold harmless period," and to coordinate that guidance with the other federal regulatory agencies. Sherman's questions followed Cordray's September 29th presentation of the CFPB's Annual Report to Congress at a meeting of the House Financial Services Committee,