NAFCU statement in response to CFPB’s approval of two-month extension on TRID rule

WASHINGTON, DC (July 21, 2015) — National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Alicia Nealon issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) final rule moving its deadline to Oct. 3 for  the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure rule (TRID).

“NAFCU supports the CFPB’s postponement of the TILA-RESPA Integrated Disclosures effective date from Aug. 1 to Oct. 3,” said Nealon. “We also appreciate the Bureau’s confirmation in the preamble to the final rule that the CFPB will be considering good faith efforts during the initial implementation period.  However, we remain disappointed the Bureau did not take the opportunity to allow for a period of early compliance as NAFCU and our members firmly believe that credit unions need time to conclusively test their systems.”

The National Association of Federal 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.

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