WASHINGTON (9/17/14)--A joint letter signed by 16 financial trade organizations, including the Credit Union National Association, has been sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray.
The letter addresses concerns these organizations have with the bureau's Truth in Lending Act and Real Estate Settlement Procedures Act (TILA-RESPA) integrated mortgage disclosures rule.
The rule must be implemented on Aug. 1, 2015, which the letter calls "the height of home-buying season." Due to this, as well as the fact that many members of the organizations are currently focusing time and resources on implementation of the new rule, the letter urges the bureau to provide "written, authoritative guidance" which is believed necessary for effective implementation.
"Reliable, written guidance is essential for lenders, settlement service providers, insurers, investors and other secondary market entities, regulators and ultimately consumers themselves," the letter reads. "It would be even more useful if the answers given were also provided in writing by the bureau."
Additional issues raised in the letter include:
Use the resource link below to access the CFPB's information page about the new TILA-RESPA integrated disclosures rule.