Newsroom

FOR IMMEDIATE RELEASE

Washington (April 28, 2016) - National Association of Federal Credit Unions (NAFCU) Director of Regulatory Compliance Brandy Bruyere welcomed Consumer Financial Protection Bureau (CFPB) Director Richard Cordray's response to industry concerns on the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosures (TRID) rule.

"We appreciate Director Cordray's consideration of our concerns regarding the need for greater clarity on the TRID rules," said Bruyere. "This is a welcome first step and there is still a lot of work to be done in order to truly address the ambiguities in the TRID rule. We look forward to the bureau's continuing efforts to facilitate the compliance process."

In January, NAFCU, along with other financial services trade associations, sent a letter to Director Cordray seeking clarification of the bureau's "Know Before You Owe" mortgage disclosures rule.

In his letter, Cordray notes that adjustments to the TRID regulatory text and commentary may be "useful for greater certainty and clarity"and states that the bureau is currently working on a notice of proposed rulemaking (NPRM) to revise TRID with an estimated issue date in late July.Cordray also reiterated the bureau's focuson the good-faith compliance efforts made under TRID.

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.

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Patty Briotta
Director of Public Relations
703-842-2820

pbriotta@nafcu.org