CFPB proposes TRID changes, NAFCU urges more

In a move urged by NAFCU, CFPB on Friday proposed updates to its Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosure rule, including more guidance on construction lending, but association President and CEO Dan Berger says it’s not enough.

Comments on the changes are due Oct. 18.

“NAFCU appreciates the CFPB revisiting the TRID rule and, at first glance, there appear to be a few positive components that we strongly advocated for on behalf of our members,” said NAFCU President and CEO Dan Berger. “Most notably, the bureau has taken our advice regarding the codification of its informal compliance guidance.

“However, the bureau has not gone nearly far enough to address the numerous substantive compliance issues that have been highlighted by credit unions. Although our compliance experts will continue to analyze the proposal to identify its full impact, NAFCU believes this should be the first step in a process to create a mortgage disclosure rule that is workable for financial institutions and benefits consumers.”

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