WASHINGTON (10/1/15)--The U.S. House will vote next week on a bill that will delay the implementation of the Consumer Financial Protection Bureau’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016. The bill concerns the CFPB’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule, which is effective starting Oct. 3.
“We thank House Majority Leader Kevin McCarthy for his leadership on H.R.3192, the ‘Homebuyers Assistance Act.’ This legislation will be very important for credit unions as they struggle to comply with the October 3 implementation deadline of the CFPB’s TRID rule,” said CUNA President/CEO Jim Nussle. “We strongly encourage the Senate to follow suit and pass this bill, and ask that President Obama will quickly sign it into law to ensure the rule has minimal impact on consumers and residential home mortgage closings.”
House Majority Leader Rep. Kevin McCarthy (R-Calif.) announced the vote Wednesday. H.R. 3192 passed the House Financial Services Committee in July. It is sponsored by Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.)
McCarthy called the bill “an important bill for everyone who is doing their best to comply” with TRID, adding that it will provide “certainty to businesses that are trying to comply with the rule as well as an opportunity to work out any implementation issues that come up.”
CUNA wrote with strong support for the act, with Nussle telling Congress the mortgage industry “needs more certainty that their good-faith efforts to comply, while still meeting consumers’ expectations, do not expose lenders and settlement service providers to litigation during the initial period after the regulation becomes effective.”