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NAFCU and 15 other financial industry trades on Tuesday asked CFPB Director Richard Cordray for continued, ongoing bureau contact with stakeholders and more written guidance and examples to aid compliance with integrated mortgage disclosure rules taking effect next Aug. 1.

The groups, which represent numerous segments of the mortgage finance market, thanked Cordray for the bureau's outreach and commitment to working with stakeholders on the rules' implementation. Anticipating a "steady stream" of questions and issues with the approach of Aug. 1 – which is at "the height of the home-buying season" – they outlined a series of steps that can help ensure an effective implementation.

Written authoritative guidance tops their list of requests. The groups asked that CFPB provide in writing the answers it gives during webinars on questions about the rule as well as follow-up to subsequent questions from stakeholders.

The groups also urged that CFPB keep participating in conferences and forums about the rule; expand on the types of examples given in completed forms to cover a wider range of transactions and additional localities; and keep working with industry vendors to help them develop compliance tools in a timely fashion.

In their letter, the groups also urged CFPB to review state laws and use its authority to remove duplicative and conflicting state disclosures.

"Now is also a good time to work with other federal regulators to develop consistent examination procedures for this rule," they urged.

The letter was signed by 16 trade organizations, including NAFCU, American Bankers Association, CUNA, American Land Title Association, Consumer Mortgage Coalition, Mortgage Bankers Association and others.