NEW: House to vote on TRID safe harbor bill next week
WASHINGTON (9/30/15 UPDATED 5:30 p.m. ET)--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.
House Majority Leader Rep. Kevin McCarthy (R-Calif.) announced the vote this afternoon. The Homebuyers Assistance Act (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 in support of the act, with CUNA President/CEO Jim Nussle saying 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.”