Which entity establishes rules under the TILA-RESPA Integrated Disclosure?

The Consumer Financial Protection Bureau (CFPB) is the correct entity that establishes rules under the TILA-RESPA Integrated Disclosure (TRID). This regulation was implemented to simplify and integrate the disclosure process for consumers in the mortgage application process. The CFPB emerged as a central authority with the mandate to oversee and enforce consumer protection laws in the financial sector, including those related to mortgage lending disclosures.

The TILA-RESPA Integrated Disclosure rules are designed to enhance transparency and protect consumers, ensuring they receive clear information about the terms and costs of their loans before making financial commitments. This is critical in helping borrowers understand what they are agreeing to in their mortgage transactions.

Other entities listed, such as the Federal Reserve, the Department of Housing and Urban Development (HUD), and the Securities and Exchange Commission (SEC), do play roles in financial regulation or housing but are not the primary body responsible for establishing rules under the TILA-RESPA Integrated Disclosure. The Federal Reserve previously had a role in regulating Truth in Lending acts, while HUD has specific functions related to housing programs and policies, and the SEC focuses on securities markets rather than mortgage compliance. Hence, while all these agencies are involved in various aspects of consumer finance and housing, the CFPB is specifically