Today we sent a letter to Representatives Blaine Luetkemeyer
(R-Mo.) and Randy Neugebauer (R-Tex.) in response to their request for
information regarding the CFPB’s new TILA/RESPA Integrated Disclosure (TRID)
forms.
Since the beginning of the TRID regulatory process, we have
been committed to helping member credit unions comply with this massive and
complex rule. Our most recent letter to
Congress outlined ways we think the CFPB could help credit unions comply with
the rule—namely, by providing written guidance and/or some amendments to the
underlying regulation.
We also expressed that the CFPB could help by including the
ability to cure errors or defects, issues with construction loans and title
premiums, lender credits and principal reduction, and clarity on liability
matters. The issues addressed in out
letter can be found in their entirety here.
We appreciate Representative Luetkemeyer and Neugebauer’s
engagement on the TRID issue, and we will continue work with them and the CFPB
to ensure that credit unions are able to comply fully with this rule.