Feb. 4, 2013 – NAFCU President and CEO Fred Becker, senior staff and Region II Board Director Martin Breland are headed to the CFPB today to discuss the bureau’s combined mortgage disclosure rules with CFPB Director Richard Cordray.
The combined disclosures will include the information required to be provided to borrowers under the Truth in Lending Act and Real Estate Settlement Procedures Act. The bureau has been working on these disclosures since it opened its doors, and NAFCU has worked closely with bureau officials and staff in efforts to ensure the final product is not unduly burdensome to credit unions, doesn’t create more confusion for consumers and doesn’t lead to a decline in credit availability.
The TILA/RESPA rules have yet to be finalized, and other disclosure changes are under review as well, with all to take effect at the same time. NAFCU is pressing the CFPB to provide credit unions as much lead time as possible on these rules so they can comply as required.
Also attending today’s meeting, to be held at CFPB headquarters, are NAFCU Executive Vice President of Government Affairs Dan Berger, General Counsel and Vice President of Regulatory Affairs Carrie Hunt, Senior Regulatory Affairs Counsel Tessema Tefferi, Director of Regulatory Compliance Steve Van Beek and Regulatory Affairs Counsels PJ Hoffman and Angela Meyster.