Markup includes temporary ‘safe harbor’ from TRID

JULY 27, 2015 -- Legislation providing a temporary safe harbor for credit unions and other financials from enforcement of the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule (TRID) will be marked up by the House Financial Services Committee Tuesday (July 28). The legislation, HR 3192, was introduced July 23 by Rep. French Hill (R-Ark.). NASCUS supports a safe harbor for TRID liability, as noted in the association’s July 7 comment letter to the Consumer Financial Protection Bureau (CFPB) on amending the effective date on the agency’s rule on the subject until Oct. 3 (which the CFPB granted). In the letter, NASCUS recommended the agency adopting a brief “safe-harbor” period from legal liability, which would recognize the “magnitude of the operational changes that will accompany this rule,” and give financial institutions “a good-faith opportunity to manage their risk without disrupting their service to members.”

NASCUS letter to CFPB on TRID

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