Newsroom

In an editorial for the Credit Union Times, NAFCU Director of Regulatory Compliance JiJi Bahhur highlighted key areas that credit unions should address as part of their overall plan to comply in time with the Aug. 1 implementation deadline of CFPB's new integrated mortgage disclosure rule.

Bahhur noted that the rule, which affects the Truth in Lending Act and Real Estate Settlement Procedures Act, is a top supervisory priority for NCUA in 2015.

"To ensure timely compliance with the TILA-RESPA rule, it is imperative that credit unions have a plan of action for addressing the many requirements of the rule and also the steps to implement it," Bahhur wrote. "A good starting point is assignment of a project manager or implementation team to create and track the compliance plan."

She continued: "In addition, create an implementation map and timeline to organize the requirements and stages of integration, especially since implementation of TILA-RESPA is highly software-dependent and will require credit unions to work closely with vendors to ensure they are on track with integration."

Bahhur noted that NCUA Chairman Debbie Matz recently said the agency would consider good faith efforts by credit unions to comply with the rule, after NAFCU's request for flexibility.

Bahhur also highlighted NAFCU's 2015 electronic edition of the Credit Union Compliance GPS, which has more than 30 new pages dedicated to the TILA-RESPA rule, as well as other updates on major regulatory changes. NAFCU has also run a series of blog entries on the rule, available on the Compliance Blog.

Bahhur will be at NAFCU's Regulatory Compliance School, which begins today in Arlington, Va., and focuses on giving credit unions the latest news in regulations, compliance, and regulatory agencies.