Trades support a Jan. 1 deadline; NAFCU calls for a compliance testing period for credit unions.
In a letter, CUNA asks the CFPB to push back the deadline to Jan. 1, 2016.
Only three circumstances will require additional review time for borrowers, Cordray says.
ORLANDO - New rules could complicate credit union vendor relations too, attorney says.
Your TILA-Respa action plan checklist.
Session comes as modifications are set to go into effect Aug. 1.
The Supreme Court TILA disclosure ruling will not affect credit unions that already follow TILA best practices.
Expect the CFPB to scrutinize overdrafts, payday lending, prepaid cards, auto loans and mortgage lending.
CUNA, NAFCU and other trades also ask for written guidance.
The Consumer Financial Protection Bureau issued a final rule Nov. 20 that requires the use of new, simplified mortgage disclosure forms available in English and Spanish that detail the terms of a mortgage to homebuyers.