Industry consultants and credit union executives agreed the Supreme Court’s recent Truth in Lending Act ruling won't require credit unions to change TILA procedures. The court ruled that borrowers were only required to notify their lenders in writing within three years of an alleged disclosure violation.
“I really don’t think there is much to say,” wrote Tracy Ashfield, the founder of Ashfield and Associates in an email reply to CU Times. “The ruling is not a surprise. The TILA has a lot of teeth and compliance with TILA is of paramount importance. My take is credit unions take compliance of all regulations very seriously and will continue to do so,” Ashfield wrote.
Ashfield and Associates is a credit union consultancy that specializes in helping credit unions improve their mortgage lending.
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