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The CFPB Thursday published an assessment of the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure (TRID) rule. Of note, the bureau found that TRID has "improved consumers' ability to locate key information, compare terms and costs between initial disclosures and final disclosures, and compare terms and costs across mortgage offers."

While the assessment found benefits for consumers, it also revealed that companies saw "sizeable implementation costs" under TRID, as well as increases to ongoing costs.

In addition to the detailed assessment, the CFPB published a corresponding data flash outlining the types of changes that can occur during the mortgage origination process, their size and prevalence, and when they occur in the mortgage origination process.

The bureau began its assessment of the TRID rule in November 2019, as the Dodd-Frank Act requires review of certain rules within five years after they take effect. As TRID is among credit unions' top compliance issues, NAFCU has worked with the bureau to obtain more clarity and assistance in several areas, and recommended areas for the bureau to review as part of its assessment.

Resulting from NAFCU's advocacy on TRID, the bureau has been releasing TRID FAQs since last year. The association also included additional TRID guidance in its recent recommendations to the bureau's Taskforce on Consumer Financial Law.

NAFCU has various resources available on TRID and will continue to work with the bureau to reduce credit unions' compliance burdens under the rule.