FOR IMMEDIATE RELEASE
Contact: Vicki Christner - CUNA Communications; 202-508-6754; firstname.lastname@example.org
Washington, D.C. (April 28, 2016) - In response to advocacy efforts by the Credit Union National Association (CUNA), the Consumer Protection Financial Bureau (CFPB) announced it will initiate rulemaking in late July to address many of the ongoing issues and concerns over the implementation of the TILA/RESPA Integrated Disclosures (TRID) or Know Before You Owe (KBYO) rules.
“CUNA is pleased to see that the bureau is now acknowledging that their regulations impose a significant burden on credit unions and their members, and that compliance is often immensely more difficult than the bureau understands,” said Ryan Donovan, CUNA's chief advocacy officer. “The CFPB has been reluctant to issue written guidance or amend its rule wanting the industry to attempt to 'work out' the issues despite outcries from CUNA and the industry. We will continue to work with the CFPB as it moves forward with these changes to ensure that they bring proper relief for credit unions across the country.”
CUNA has engaged in ongoing discussions with the CFPB since the rule became effective on October 3, 2015, and most recently outlined numerous concerns in a letter to Reps. Blaine Luetkemeyer (R-Mo.) and Randy Neugebauer (R-Texas). In the letter, CUNA recommended numerous areas that need clarification by the CFPB to both ensure that ability of a credit union to comply with the complex rule, clearly allocate liability and responsibility for the various roles in the closing process, and ensure a properly functioning secondary market.
The CFPB's letter to CUNA is available here.
CUNA's letter to Reps. Luetkemeyer and Neugebauer is available here.
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 103 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.