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FOR IMMEDIATE RELEASE

NAFCU Statement on CFPB's Finalized Rule Changes On TILA/RESPA Loan Estimates

Washington (Jan. 20, 2015) -National Association of Federal Credit Unions (NAFCU)Director of Regulatory Affairs Alicia Nealon issued the following statement in response to the Consumer Financial Protection Bureau's (CFPB) final revisions, supported by NAFCU, to its Truth in Lending Act/Real Estate Settlement Procedures Act (TILA/RESPA) rules for loan estimates affected by rate lock-ins and construction loans.

"NAFCU appreciates the CFPB addressing some of the operational challenges posed by TILA/RESPA's Integrated Mortgage Disclosures Rule," said Nealon."However, we believe that the Bureau can do more to facilitate TILA/RESPA implementation.In particular, NAFCU continues to urge the CFPB to provide formal written guidance, rather than the oral guidance it currently provides through its hotline and webinar series. We believe reliable written guidance is essential for credit unions to operate on a level playing field in implementing the regulation, and will help avoid unnecessary confusion and discrepancies in implementation down the road."

The final rule also allows placement of the loan originator's Nationwide Mortgage Licensing System and Registry ID on the integrated disclosures.

The final rule takes effect Aug. 1, the same day the rest of the TILA/RESPA integrated disclosures take effect.

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