WASHINGTON, DC (July 29, 2016) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today regarding the Consumer Financial Protection Bureau’s (CFPB) proposed updates to the Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosure (TRID) rule.
“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.”
The National Association of Federally-Insured 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. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
