Removing Barriers Blog

Big Win For CU Advocacy as House Passes TRID Delay Bill
Posted October 08, 2015 by CUNA Advocacy

Last night, the U.S. House passed a bill enacting a hold harmless period for the TRID rule through Feb. 1, 2016 by vote of 303-121.  All Republicans and 64 Democrats supported it.  The CUNA-supported bill would protect mortgage stakeholders making a good faith effort to comply with TRID from enforcement and litigation during the hold harmless period.

Democratic Rep. Brad Sherman, one of the co-sponsors of the bill, said the bill would help ensure access to mortgage credit during the hold-harmless period, because it would allow small lenders to work toward full compliance without penalty.

“Let us make sure that the smaller mortgage lenders and smaller companies can continue to operate if they try in good faith,” Sherman said. “Let us not hand a huge competitive advantage to those players in the industry that have the most lawyers and the most sophisticated computer programmers.”

Our advocacy team has been pushing hard for this bill for the past few months, and we are very happy with this strong bipartisan vote which delivered a veto-proof majority. At a time when very little legislation is moving through Congress and partisanship is high, it is a testament to the strength of credit union advocacy that this bill passed with such broad support. We thank the House for its quick action on this important issue and urge the Senate to do the same.