news.cuna.org/articles/111563-cuna-commends-cfpb-for-listening-to-credit-unions-on-trid

CUNA commends CFPB for listening to credit unions on TRID

June 3, 2015

FOR IMMEDIATE RELEASE

Contact: Vicki Christner – CUNA Communications; 202-508-6754; vchristner@cuna.coop

Washington, D.C. (June 3, 2015) – Following Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s announcement that the Truth-in-Lending Act-Real Estate Mortgage Disclosure Act integrated disclosures (TRID) rule implementation will grant mortgage lenders leniency on the August 1, 2015 enforcement date, Credit Union National Association (CUNA) president and CEO Jim Nussle released a statement: 

“I thank CFPB Director Cordray for listening to the requests of CUNA, Congress and others in our call for a safe harbor period through the end of the year for the enforcement of the TRID rule. CUNA supports the CFPB’s goal for transparency with the new disclosures helping consumers better understand mortgage terms, and now credit unions will be allowed the time they need to figure out the day-to-day aspects of complying with the rule without worrying about enforcement.” 

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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 100 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. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.