PORTLAND, Maine (11/2/15)--Thanks to the initiative of the Maine Credit Union League, a credit union was picked recently by the local media as an expert to discuss for consumers the ramifications of the new Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule.
Once the rule was approved, the league reached out to WSCH-TV, WLBZ-TV and a local radio station to offer the movement’s expertise on the matter.
The stations took the league up on the offer and, soon after, Tucker Cole, president/CEO, Evergreen CU, Portland, Maine, was on the small screen explaining the rule (Weekly Update Oct. 30).
As industry experts already know, TRID requires lenders to provide additional information to consumers when making a mortgage loan.
“Because of these changes, the time to close is going to be much longer--60 days as opposed to 30 days,” Cole said. “Once they receive disclosure, the three-day clock starts from that time, so it needs to go through the mail. It could easily end up one week later for the closing.”
CUNA continues to press lawmakers to approve a formal hold-harmless period that would protect institutions from litigation and enforcement of the rule. The Homebuyers Assistance Act (H.R. 3192), which has strong support from CUNA, would establish such a period through Feb. 1, 2016.
Beyond placing a credit union expert in front of Maine TV audiences, the league also supplied news outlets the full text of the law that, in turn, the stations posted on their websites.
The stories “reinforce the fact that credit unions are knowledgeable, helpful and have a high level of expertise, all positive attributes for consumers to see and hear as often as possible,” said John Murphy, league president.