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How does CFPB's TRID affect CUs?
As the CFPB assesses its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule, NAFCU Regulatory Affairs Counsel Kaley Schafer provides insights into the rule and what feedback the agency is looking for in a new post on the Compliance Blog.
TRID was among credit unions' top compliance issues last year and NAFCU met with the bureau earlier this year to discuss the costs and benefits of implementing the rule, as well as credit unions' concerns and recommendations for more guidance.
Schafer notes that under the Dodd-Frank Act, the CFPB is required to review certain rules within five years after they take effect and that part of the assessment must look at whether TRID is meeting the objective of the Dodd-Frank Act and specific goals set by the bureau.
In the blog, Schafer highlights aspects of the rule, the goals that TRID is supposed to meet and the CFPB's focus for the assessment. Additionally, NAFCU is currently seeking credit union feedback on issues related to the rule, including guidance, implementation and costs associated with compliance issues – submit comments here.
For more on the CFPB's TRID assessment, read Schafer's blog post. Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday, and Friday.
NAFCU member credit unions have direct access to the association's Compliance Team for assistance with federal compliance issues via email or the compliance helpline. Additionally, the compliance calendar is a great tool for help with important upcoming dates and deadlines.