On May 13, 2016, the CFPB released new annotated versions of the Loan Estimate and Closing Disclosure that include citations to the statutory provisions of TILA that the CFPB relied on in connection with implementing the TRID rule. These disclosures are informative because while the TRID rule is derived from TILA, RESPA, and the Dodd-Frank Act statutory provisions, only violations of TRID requirements that are associated with TILA provide for a private right of action. Creditors and assignees may use these model forms as guidance to determine whether TILA civil liability applies to a TRID disclosure violation.
However, although the statutory citations to TILA are helpful, they are of limited utility because they are subject to significant disclaimers. In particular, the CFPB states that the forms “do not represent legal interpretation, guidance, or advice of the Bureau.” The CFPB also states that the documents “do not bind the CFPB and do not create any rights, benefits, or defenses, substantive or procedural, which are enforceable by any part in any manner.” Accordingly, the extent that these forms may be relied on as a legal reference is unclear.
The Loan Estimate is available here: http://files.consumerfinance.gov/f/documents/201605_cfpb_loan-estimate-with-truth-in-lending-act-disclosure-citations.pdf.
The Closing Disclosure is available here: http://files.consumerfinance.gov/f/documents/201605_cfpb_closing-disclosure-with-truth-in-lending-act-disclosure-citations.pdf.