- Business Rules
Do we have to change CDT to CST when time changes in the areas where there is daylight savings vs. standard time?The creditor should use the time zone appropriate to the actual time zone at the time. For instance, in the example provided under the commentary to the rule states, "if the creditor is located in New York and determines that the Loan Estimate will expire at 5:00 p.m. in the time zone applicable to its location, while standard time is in effect, the disclosure must include a reference to the Eastern time zone (i.e., 5:00 p.m. EST)."
Citation(s): Commentary ¶37(a)(13)-3
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here