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The Consumer Financial Protection Bureau’s “Know Before You Owe” project to consolidate Truth in Lending and Real Estate Settlement Procedures Act disclosures is a step in the right direction, said NAFCU President/CEO Fred Becker, but conflicting requirements inherent in the two statutes might make the task impossible.

The problem is that TILA and RESPA disclosures detail two related, but different steps in the process: mortgage lending and home purchasing.  The proposed consolidation could require credit unions to fill out the RESPA portion of the settlement document, which would be problematic, Becker said in a letter to the agency.

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