Press

CUNA thanks CFPB for Oct. 3 TRID implementation date, continues call for safe harbor

WASHINGTON, DC (July 21, 2015) — CUNA was successful in getting the Consumer Financial Protection Bureau (CFPB) to delay the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule to October 3, 2015, but continues to call for a safe harbor for legal liability and enforcement through the end of the year.

“CUNA thanks the CFPB for listening to credit unions and extending the TRID implementation date to October 3,” said Ryan Donovan, chief advocacy officer for CUNA. “However, we will continue to pursue a safe harbor period for legal liability and enforcement through the end of the year due to the magnitude, complexity and expense of the rule. We are also still seeking public clarification that creditors with very small loan volume are exempt from the TILA-RESPA requirement.”

CUNA previously submitted a letter to the CFPB calling for the Bureau to confirm that creditors that make five or fewer mortgages per year, as outlined in the rule’s supplementary information and the September 2014 Small Entity Compliance Guide, are exempt from the TILA-RESPA rule.

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