National Association of Federally-Insured Credit Unions (NAFCU) Vice President of Regulatory Compliance Brandy Bruyere issued the following statement today following the finalization of the Consumer Financial Protection Bureau's (CFPB) updates to its Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosure rule.
"As the only financial services trade to oppose any CFPB authority over credit unions, NAFCU has long pressed the bureau to improve the TRID rule and related guidance," said Bruyere. "NAFCU will continue to push for more clarity and transparency wherever possible in the CFPB's approach to TRID compliance."
The CFPB's final rule, also referred to as the TRID "fix," addresses tolerance provisions for the total of payments, incorporates informal guidance into the rule and extends the rule’s coverage to include all cooperative units rather than just transactions secured by real property, among other things.
The final rule is effective 60 days after its publication in the Federal Register and has a mandatory compliance date of Oct. 1, 2018. NAFCU told the bureau last year that the rulemaking's initial proposed implementation period (120 days) did not offer enough time for credit unions to update systems with post-consummation disclosures.