August 24, 2014

NAFCU urges CUs to prepare for TILA-RESPA disclosures rule

Aug. 19, 2014 – In a NAFCU Today video, NAFCU Regulatory Compliance Director JiJi Bahhur and Regulatory Affairs Counsel Angela Meyster urged credit unions to begin preparing for CFPB's TILA-RESPA integrated mortgage disclosures rule, which goes into effect Aug. 1, 2015.

While credit unions cannot comply early with this rule, Bahhur noted in today's video, "there is plenty that the credit union can be doing between now and then" to get ready for this rule.

Meyster made credit unions aware of several CFPB resources available to them as they work to comply with this new rule. She encouraged credit unions to check out the TILA-RESPA implementation listserv, the TILA-RESPA integrated disclosures rule webpage and also pointed to several sample disclosure forms that credit unions can familiarize themselves with before the Aug. 1 compliance deadline.

"NAFCU has been meeting regularly with the CFPB to discuss this rule," Meyster noted, "primarily with respect to issues with the rule that have been requiring further clarity, additional resources that CFPB can publish, how small credit unions are doing with their compliance timelines and any vendor issues that have been arising thus far."

Meyster also noted a Federal Reserve webinar at 2 p.m. Aug. 26 featuring CFPB speakers that will discuss frequently asked questions about the new rule.

Bahhur discussed the NAFCU resources available to credit unions on this rule, including a scope and applicability chart, a series of articles in NAFCU's Compliance Monitor, blog posts to NAFCU's Compliance Blog and webcasts.