CUNA commends CFPB for addressing issues with TRID/KBYO rules
WASHINGTON, DC (April 28, 2016) — In response to advocacy efforts by the Credit Union National Association (CUNA), the Consumer Protection Financial Bureau (CFPB) announced it will initiate rulemaking in late July to address many of the ongoing issues and concerns over the implementation of the TILA/RESPA Integrated Disclosures (TRID) or Know Before You Owe (KBYO) rules.
“CUNA is pleased to see that the bureau is now acknowledging that their regulations impose a significant burden on credit unions and their members, and that compliance is often immensely more difficult than the bureau understands,” said Ryan Donovan, CUNA’s chief advocacy officer. “The CFPB has been reluctant to issue written guidance or amend its rule wanting the industry to attempt to ‘work out’ the issues despite outcries from CUNA and the industry. We will continue to work with the CFPB as it moves forward with these changes to ensure that they bring proper relief for credit unions across the country.”
CUNA has engaged in ongoing discussions with the CFPB since the rule became effective on October 3, 2015, and most recently outlined numerous concerns in a letter to Reps. Blaine Luetkemeyer (R-Mo.) and Randy Neugebauer (R-Texas). In the letter, CUNA recommended numerous areas that need clarification by the CFPB to both ensure that ability of a credit union to comply with the complex rule, clearly allocate liability and responsibility for the various roles in the closing process, and ensure a properly functioning secondary market.
The CFPB’s letter to CUNA is available here.
CUNA’s letter to Reps. Luetkemeyer and Negebauer is available here.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
