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NAFCU President and CEO Dan Berger applauded CFPB Director Richard Cordray's statement in a letter to lawmakers today that the bureau would consider "good faith efforts" by credit unions to comply with CFPB's new integrated mortgage disclosures rule.

The new mortgage disclosures rule is set to take effect Aug. 1 under the Truth in Lending Act and Real Estate Settlement Procedures Act.

Berger said, in a statement: "We appreciate Director Cordray's consideration and leadership in recognizing the value of ‘good faith efforts' by credit unions on this complex new rule. We also appreciate the bipartisan support of all the members of Congress who wrote Director Cordray and met with him to urge a restrained examination period."

He continued, "A grace period will not only ensure a smoother implementation of the new TILA/RESPA mortgage disclosure forms, but it will also allow those who make a good-faith effort to comply with the regulation to do so without the fear of potential regulatory enforcement actions."

Cordray met with lawmakers yesterday to discuss a hold-harmless period. He detailed CFPB's intentions in today's letter.

Berger and NAFCU staff have met on numerous occasions with Cordray and his staff to discuss the impact of the TILA/RESPA regulations and express credit unions' compliance concerns. In March, NAFCU also joined other financial services trade groups in seeking consideration of good-faith efforts that would allow compliance without the fear of potential enforcement actions or lawsuits.

Cordray's announcement today runs parallel with NCUA Chairman Debbie Matz's efforts on this issue; earlier this year, Matz acknowledged the value of recognizing "good faith efforts" by credit unions for the TILA/RESPA rules.