The House voted Wednesday night to pass two CUNA-backed regulatory relief bills, the TRID Improvement Act of 2017 (H.R. 3978) and the Protecting Consumers’ Access to Credit Act (H.R. 3299).
“These bills are common-sense pieces of regulatory relief legislation that provide great benefits to consumers while minimizing the burdens facing credit unions and other financial institutions,” said CUNA Chief Advocacy Officer Ryan Donovan. “We’re pleased to see them move forward, and will continue our work to move these bills along in the process.”
H.R. 3978 would amend the Real Estate Settlement Procedures Act to require the Consumer Financial Protection Bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers. It would reduce confusion associated with the ability for title insurance companies to disclose available discounts.
H.R. 3299 would amend the Federal Credit Union Act, among financial regulatory bills, to state loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party.