Newsroom
NAFCU recommends areas for CFPB to review under TRID
As the CFPB prepares for its assessment of the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) integrated disclosures (TRID) rule, NAFCU's Kaley Schafer urged the bureau to carefully consider the rule's impact – including associated compliance costs, the ability to sell to the secondary market, and products offered.
Schafer, NAFCU's regulatory compliance counsel, sent the letter in response to a request for information on the CFPB's proposed approach to the assessment.
In addition, Schafer reiterated NAFCU’s call for additional guidance from the CFPB on outstanding TRID issues such as cure provisions and error corrections, negative owner’s title premium, calculating cash to close, second lien loans, pre-approvals, payoffs on a purchase money loan, and a consumer’s ability to waive the waiting period.
NAFCU met with the bureau early last year to discuss the costs and benefits of implementing the rule, as well as credit unions' concerns and recommendations for more guidance. NAFCU often seeks credit union feedback on issues and shared results from a survey on this topic in the letter.
“NAFCU members appreciate the additional FAQs provided by the Bureau since implementation; however, additional guidance is necessary,” wrote Schafer. “In a recent survey, 75 percent of respondents reported that TRID guidance provided to date has not been helpful. Thus, NAFCU members are left seeking out additional compliance assistance incurring additional costs.”
NAFCU previously requested more clarity and assistance for credit unions on these issues and will continue to work with the bureau. NAFCU has various resources available on TRID.
Share This
Related Resources
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Get daily updates.
Subscribe to NAFCU today.