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FOR IMMEDIATE RELEASE

NAFCU Applauds Reps. Pearce and Sherman Introduction of H.R. 2213, TILA-RESPA Bill

Washington (May 1, 2015) - National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler today applauded the introduction by Reps. Steve Pearce, R-N.M., and Brad Sherman, D-Calif., of H.R. 2213, a bill that would limit lawsuits and enforcement (so long as a good-faith effort is made to comply) of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) until Jan. 1, 2016.

"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," said Thaler. "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 National Credit Union Administration (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."

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.

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