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House to Pass TRID Safe Harbor in Today's Vote
Wednesday, October 7, 2015 6:50 AM

Today, the U.S. House will vote on the Homebuyers Assistance Act (H.R. 3192). Both consumers and lenders would be protected under act, says Credit Union National Association in a letter urging the House to pass the bill when it votes today.

H.R. 3192, introduced by Reps. French Hill (R-AR) and Brad Sherman (D-CA) would prevent regulators from taking supervisory actions against lenders, and would shield lenders from a private right of action during the transition, provided the lenders make good faith efforts to comply with TRID.

In the letter, CUNA President/CEO Jim Nussle notes the bill would provide a hold-harmless period for the Consumer Financial Protection Bureau’s new mortgage disclosure rule through Feb. 1, 2016.

“In the long run, the Truth in lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) forms will be a positive step for consumers and mortgage lenders, making the application process a bit simpler for borrowers,” Nussle wrote. “However, the law and its implementing regulation did not provide a transition period that would have been useful for lenders to test systems to ensure they are in compliance before actually having to comply.”

Nussle added that “the absence of a reasonable transition period puts consumers and lenders in jeopardy in the short term because lenders are immediately exposed to enforcement actions and legal liability.”

The House will stream today’s proceedings live on its website.

Read more at CUNA News Now.