CUNA has asked the CFPB to extend the deadline for credit unionsto comply with new regulations under the Truthin Lending Act and Real Estate Settlement Procedures Actto Jan. 1, 2016.

In a July 6 comment letter on the agency proposal to shift the TILA-RESPA compliance deadlinefrom Aug. 1 to Oct. 1, 2015, CUNA Senior Director of AdvocacyAndrew Price wrote that the current deadline falls in the middle ofthe summer, one of the busiest seasons for credit unions.

“We note that many credit unions will need to run dual tracksduring the transition to provide for those loans whose applicationsare received before the effective date versus those received afterthe effective date as provided in the rule,” Price wrote in theletter.

“Allowing the industry ample time to properly plan forcompliance with this major rule will be crucial to ensure properimplementation. This transition will be cumbersome for most, so anyadditional time will greatly benefit the industry, minimize costsand provide a smooth transition to the new regulatory regime.”

Price also repeated CUNA's request that the agency clarify thatthose credit unions that make five or fewer mortgages per yearwould remain exempt from the TILA-RESPA rules.

“We urge the CFPB to address this issue so that the lendingoperations of credit unions are not negatively impacted and memberscan continue to receive financial services to meet their needs,Price added.