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NAFCU on Friday lodged support for H.R. 2213, which would introduce a reasonable hold-harmless period through the end of 2015 for the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosures rule that kicks in Aug. 1.

Reps. Steve Pearce, R-N.M., and Brad Sherman, D-Calif., introduced the bill on Friday.

The bill would give financial institutions through Dec. 31 to make a good-faith effort to comply with the new regulation without threat of enforcement actions or lawsuits. NAFCU has pushed for flexibility in the early months of implementation while credit unions work to become compliant with the rules. NCUA has already indicated to NAFCU it will focus on good-faith efforts at compliance early on.

NAFCU Vice President of Legislative Affairs Brad Thaler responded in a statement: "NAFCU appreciates the bipartisan leadership shown by Representatives Pearce and Sherman in proposing a bill that would allow credit unions and other financial institutions a grace period for enforcement and liability for institutions striving to make good-faith efforts to comply with the new TILA/RESPA regulations. This legislation will allow credit unions to make a good-faith effort to comply with the regulation without the fear of potential enforcement actions or lawsuits without creating any delays in implementation."

"We also recognize and appreciate NCUA Chairman Matz and her commitment on TILA/RESPA as the first regulator to acknowledge the extraordinary value of recognizing ‘good faith efforts' by credit unions on this complex new rule. This legislation is in line with her efforts," he continued.

NAFCU will continue to monitor the bill's progress.