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CFPB Proposing Delay of TILA-RESPA Integrated Disclosure Rule

​Credit Unions Have until July 7 to Comment on Implementation Timeframe

ALEXANDRIA, Va. (June 25, 2015) – Credit unions have until July 7 to comment on the Consumer Financial Protection Bureau’s proposal to delay the effective date of a significant mortgage disclosure regulation, National Credit Union Administration Board Chairman Debbie Matz said today. 

CFPB proposes to make the final rule effective Oct. 3, 2015, instead of the original date of Aug. 1. The proposal to extend the effective date is expected to be published in the Federal Register soon and is currently available here.

“These new mortgage disclosure requirements have important consequences for credit unions and their members,” Matz said. “Credit unions have an opportunity to voice their views on the timeline for rolling out the new disclosures. Credit unions may need time to perform conclusive testing and work with technology vendors on the TILA-RESPA mortgage disclosure systems. They can provide CFPB with valuable, practical information about their experiences preparing to issue the new disclosures and their implementation concerns.”

The Dodd-Frank Wall Street Reform and Consumer Protection Act directed CFPB to integrate mortgage disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act. CFPB issued a final rule known both as the TILA-RESPA Integrated Disclosure Rule and the Know Before You Owe Mortgage Disclosure Rule. The final rule combines existing mortgage disclosure requirements, implements new mortgage disclosure requirements and refines existing disclosure requirements for both mortgage and non-mortgage loans.

“When the rule becomes effective, NCUA examiners will look for reasonable and good-faith efforts by credit unions towards substantial compliance with the final rule,” Matz said.

Credit unions can find additional information about the regulation and related resources in NCUA’s March 2015 Regulatory Alert, available online here



NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.

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9/20/2018 6:00 PM