House passes TRID legislation; moves to the Senate

In a vote that was much wider than expected, the U.S. House passed H.R. 3192, the Homebuyers Assistance Act. The bill was introduced after the CFPB’s new TILA-RESPA rules were introduced. The bill’s sponsors said their was a lack of anything more specific regarding a grace period or clear direction from the CFPB. The act […]

In a vote that was much wider than expected, the U.S. House passed H.R. 3192, the Homebuyers Assistance Act. The bill was introduced after the CFPB’s new TILA-RESPA rules were introduced. The bill’s sponsors said their was a lack of anything more specific regarding a grace period or clear direction from the CFPB.

The act would provide a safe harbor from agency enforcement and private lawsuits for lenders acting in good faith to comply with new TILA-RESPA disclosure requirements. CUNA found that some stakeholders have spent more than a year putting in place new systems and procedures, they could not become compliant, nor test their systems to gauge their compliance, before the effective date.

The final vote was 303-121. The bill will now move to the Senate. The White House has come out as being against the bill with Pres. Obama saying that he will veto it if it passes the Senate. Read more in the CU Times.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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