Removing Barriers Blog

Joint Trade Letter on H.R. 2213, TILA-RESPA and TRID
Posted June 09, 2015 by CUNA Advocacy

CUNA joined a number of other financial services trade associations in a letter urging House Financial Services Committee leadership to pass H.R. 2213, which will provide a reasonable hold-harmless period for enforcement of the of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) regulation for those that make good-faith efforts to comply. CUNA has weighed in a number of times urging Congressional action on the issue. Earlier in the month CFPB chairman Cordray expressed that they would be sensitive to efforts made by financial institutions to comply, but he did not expressly outline that a hold harmless period would take place or for how long they would remain lenient.  

CUNA and the others expressed that a hold-harmless period helps ensure consumers’ real estate closings will not be disrupted after this complicated regulation’s August 1 effective date. We also noted that 250 Members of the House and 41 Senators have written to CFPB urging the action that this legislation would mandate. We will keep you updated on this issue and hope to see this bill move forward so credit unions can get some reassurance on this important issue.