WASHINGTON (10/6/15)--U.S. House consideration of a bill that would enact a safe harbor for the Consumer Financial Protection Bureau’s (CFPB) new mortgage rule highlights a busy week in the U.S. Congress. In addition to the vote, CUNA will monitor several hearings on Capitol Hill.
The House will vote on the Homebuyers Assistance Act (H.R. 3192), which would provide a safe harbor from litigation and enforcement for the CFPB’s Truth in Lending Act-Real Estate Settlement Procedures integrated disclosures (TRID) rule, which became effective Oct. 3.
CUNA has strongly supported this bill, and written a number of times to Congress outlining why the safe harbor period is important for credit unions. The vote will likely occur Wednesday.
In addition, the Senate is expected to consider H.R. 1735, the Fiscal Year 2016 National Defense Authorization Act. CUNA will be closely monitoring this legislation because of its history of being used as an incubator for financial services policy.
Hearings on the scheduled for this week include:
For coverage of a joint letter signed by CUNA in support of H.R. 3192, see “CUNA, trades: TRID safe harbor reflects compliance 'learning curve’” in today’s News Now.