ARLINGTON, Va.—NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged NCUA on Wednesday to reaffirm its “hold harmless” policy under the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosures rule.
Hunt’s request followed CFPB Director Richard Cordray’s statement that the bureau’s hold harmless period will remain open-ended due to unforeseen information technology problems, during his testimony Wednesday before the House Financial Services Committee.
“Taking into consideration these well-known challenges and Director Cordray’s reaffirmation to hold harmless good faith efforts toward compliance, NAFCU requests that NCUA also restate its earlier commitment to consider credit unions’ good-faith efforts in complying with TRID for an open-ended period of time,” Hunt wrote in a letter to the agency. “Reconfirming this position would do much to alleviate the uncertainty that still surrounds credit unions’ hard work in complying with TRID.”
Hunt said that credit unions have been working to navigate the complex rule but have been held back by continued issues relating to third-party vendor compliance. She noted NAFCU’s appreciation for recognition of good faith efforts as the technical issues continue to be worked out.