CUNA backs bill to allow TRID clarity for consumers
CUNA joined with other organizations this week to write House members urging support of a bipartisan bill to provide regulatory relief via the Consumer Financial Protection Bureau’s (CFPB) Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule.
The bill, The TRID Improvement Act of 2017 (H.R. 3978), was introduced by Reps. French Hill (R-Ark.) and Ruben Kihuen (D-Nevada).
“Under current regulations, the Consumer Financial Protection Bureau (CFPB) does not permit title insurance companies to disclose available discounts for lender’s title insurance on the government mandated disclosure forms. This creates inconsistencies in mortgage documents and causes confusion for consumers,” the letter reads. “H.R. 3978 would reduce this confusion by allowing title insurance companies to disclose available discounts and accurate title insurance premiums to consumers. This straightforward fix would benefit consumers across the country.”
The bill was introduced Oct. 5, and has been referred to the House Financial Services Committee.