WASHINGTON, D.C. (June 3, 2015) -- National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger applauds Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s announcement the bureau will consider “good faith efforts” by credit unions to comply with the new integrated mortgage disclosures rule set to take effect Aug.1 under the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA/RESPA). Cordray detailed CFPB’s intentions in a letter to lawmakers today.
“We appreciate Director Cordray’s consideration and leadership in recognizing the value of ‘good faith efforts’ by credit unions on this complex new rule,” said Berger. “We also appreciate the bipartisan support of all the members of Congress who wrote Director Cordray and met with him to urge a restrained examination period. A grace period will not only ensure a smoother implementation of the new TILA/RESPA mortgage disclosure forms, but it will also allow those who make a good-faith effort to comply with the regulation to do so without the fear of potential regulatory enforcement actions.”
Berger and NAFCU staff lobbied Congress and met on numerous occasions with Cordray and his staff to discuss the impact of the TILA/RESPA regulations and express credit unions’ compliance concerns. In March, NAFCU also joined other financial services trade groups seeking consideration of good-faith efforts that would allow compliance without the fear of potential enforcement actions or lawsuits.
Cordray’s announcement today runs parallel with the National Credit Union Administration (NCUA) Chairman Debbie Matz’s efforts on this issue. She was the first regulator to acknowledge the extraordinary value of recognizing “good faith efforts” by credit unions.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.