Consumer Finance Protection Bureau (CFPB)
New Combined TILA - RESPA - INTEGRATED DISCLOSURE (TRID) - Effective October 3, 2015
CFPB has developed a combined GFE/TIL Disclosure now called Lender Estimate (LE) and replaced the HUD-1 with the Closing Disclosure (CD), to simplify the disclosure process for mortgage loans.
The LE and CD disclosures went into affect October 3, 2015
Consumer Financial Protection Bureau (CFPB) is the super agency that has governing authority over everything to do with mortgage lending, student lending and consumer lending.
The following are the directives the CFPB was formed under through the Dodd Frank Law:
Conduct rule-making, supervision, and enforcement for Federal consumer financial protection laws
Restrict unfair, deceptive, or abusive acts or practices
Create a center to take consumer complaints
Promote financial education
Research consumer behavior
Monitor financial markets for new risks to consumers
Enforce laws that outlaw discrimination and other unfair treatment in consumer finance