The House passed the CUNA-backed TRID Improvement Act of 2018 (H.R. 5078) Tuesday. The bill would which 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.
“This is a common-sense piece of legislation that would reduce confusion associated with the ability for title insurance companies to disclose available discounts,” said CUNA President/CEO Jim Nussle. “This kind of targeted regulatory relief benefits credit unions and consumers, who will have easier access to potential discounts. CUNA will continue our engagement with policymakers to see this bill move forward.”
H.R. 5078 previously passed the House Financial Services Committee with a 53-5 vote.