We reported on July 7, 2013 that the Consumer Financial Protection Bureau (CFPB) had released significant revisions to the TRI Rules. Now the revisions have been published in the Federal Register.
Amendments are effective 60 days after the date of publication in the Federal Register with a mandatory compliance date of October 1, 2018.
- So with today’s publication the revisions are effective on October 10, 2017. This will allow financial institutions, in short order, to begin relying upon regulation rather than information that was only received through informal guidance and ambiguous provisions.
- The mandatory compliance date provides time needed for software updates, testing, policy and procedure updates, and training prior to October 1, 2018.