Press

NAFCU welcomes CFPB Director Richard Cordray’s TRID Implementation delay until Oct. 1

WASHINGTON, D.C. (June 17, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to Consumer Financial Protection Bureau Director Richard Cordray’s announcement today that the bureau will delay the implementation deadline for the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Mortgage Disclosure requirements (TRID) until Oct. 1.

Berger said such a move is widely welcomed by credit unions, but more is needed. “This two-month delay would give credit unions much-needed time to complete their testing and update processes as they seek to comply with this complex rule,” Berger said. “However, NAFCU believes the bureau and the National Credit Union Administration still must take credit unions’ good-faith efforts to comply into account – beyond the Oct. 1 deadline.”

NAFCU strongly urged a delay in implementation of the TILA/RESPA requirements, which had been set to take effect Aug. 1.

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.

---