CUNA met with the Consumer Financial Protection Bureau (CFPB) Monday, as part of a listening session hosted by the bureau to hear industry concerns on its mortgage disclosure rule. The CFPB’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule went into effect last October, despite numerous concerns raised by CUNA and other organizations.
During the meeting, which was attended by CFPB Director Richard Cordray, the Bureau indicated that it favors providing flexibility versus being overly prescriptive and will consider the implications of changes from a vendor perspective.
In January, Cordray conducted a conference call with a number of trade organization CEOs, including CUNA President/CEO Jim Nussle. CUNA provided the bureau with a long list of items that needed to be fixed with TRID around the time of this call.
At the time, Cordray said the rule would be unchanged, but following CUNA’s advocacy efforts, he said in an April letter that the bureau would initiate a rulemaking “in late July” to address these concerns. The CFPB re-affirmed the end of July as the targeted rule date and are contemplating a 45 to 60 day comment period with hopes of moving to a final rule as quickly as possible.
Suggestions brought by CUNA to Monday’s meeting include: