ARLINGTON, Va.—NCUA Chairman Debbie Matz Tuesday reaffirmed that the agency will consider “good faith efforts” by credit unions to comply with the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA/ RESPA) integrated disclosures (TRID) rule during examinations.
On March 16, NAFCU sent a letter to Chairman Matz seeking reaffirmation of the agency’s commitment on the TRID rule. In Matz’s response Tuesday, the agency detailed that NCUA examiners will look for reasonable and good faith efforts by credit unions toward substantial compliance with the final rule.
“We appreciate Chairman Matz’s consideration and leadership in recognizing the value of ‘good faith efforts’ by credit unions on this complicated new rule,” said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “We welcome the agency’s prompt response to our request and the reaffirmation of its commitment to an eased transition on the TILA/RESPA mortgage disclosure requirements.”
Matz was the first regulator to acknowledge the extraordinary value of recognizing “good faith efforts” by credit unions in complying with the TRID rule in June 2015, NAFCU stated.