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News Now

Washington
CUs can comment on new CFPB TILARESPA draft
WASHINGTON (8/3/11)--Credit unions that wish to comment on the latest draft of the Consumer Financial Protection Bureau’s (CFPB) combined mortgage disclosure form must do so by Aug. 8. The agency is working on a combined form for Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures. The most recent draft is the third of five planned draft disclosure releases. Two additional forms will be released between now and September, and a single draft disclosure will be developed later in the year. The CFPB has specifically asked for comment on whether the form will help consumers understand closing costs associated with their loans. Credit unions can also comment on whether lenders and brokers will be able to clearly and easily explain the form to their customers, and can recommend any improvements that would clarify the form. The Credit Union National Association (CUNA) has discussed previous disclosure drafts with the CFPB, and will soon discuss CUNA members’ reactions to this draft of the form with CFPB as well. The leagues and credit unions also been active members in this revision process, and CUNA has encouraged the CFPB to consider the needs of credit unions as it continues its work. The CFPB has repeatedly noted that it is "committed to remaining attentive" to the concerns of credit unions and other small financial institutions, and looks forward to addressing the concerns of credit unions and community banks throughout the development of CFPB priorities. For the latest CFPB release, use the resource link.
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