What Could a Trump Presidency Mean for the CFPB?
During his bid for election, Donald Trump said he would “dismantle” the Dodd-Frank Act. This is the legislation that created the Consumer Financial Protection Bureau (CFPB). Republicans and Wall Street-ers alike have been trying to weaken or abolish the CFPB since it was created more than five years ago – and their efforts may receive greater leverage with Trump in office.
Trump’s election comes just after weeks after a federal appeals court ruled that the CFPB must be restructured.
It is uncertain what kind of impact the restructuring or dismantling of the CFPB would have on the Real Estate industry. The controversial TILA-RESPA Integrated Disclosures (TRID) rule, otherwise known as the “Know Before You Owe” rule is regulated by the CFPB and directly impacts the real estate, lending, and title insurance industries. Implemented in October 2015, this rule requires lenders to disclose the Loan Estimate and Closing Disclosure statements to the borrower before real estate settlement can occur.
Read the full article by The Washington Post.