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FOR IMMEDIATE RELEASE

NAFCU Statement on CFPB's Proposed Amendments to TILA-RESPA Final Rule

Washington (Oct. 10, 2014)- The National Association of Federal Credit Unions (NAFCU) issued the following statement in response to the Consumer Financial Protection Bureau's (CFPB) announcement today proposing amendments to the TILA/RESPA final rule.

"We appreciate the fact that the CFPB continues to look at the final rule and address areas of concern raised by the industry which would be helpful to credit unions and consumers," said NAFCU Director of Regulatory Affairs Michael Coleman. "We will continue to discuss important issues with TILA/RESPA implementation with the CFPB and with our members."

In September, NAFCU and 15 other financial industry tradesasked CFPB Director Richard Cordrayfor 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.

NAFCU will evaluate the impact of the proposal on credit unions and will submit comments to the agency.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org