Removing Barriers Blog

TRID Enforcement Delay Bill Heads to House Floor
Posted October 06, 2015 by CUNA Advocacy

A bill providing a safe harbor from enforcement and litigation of the recently implemented TILA/RESPA Integrated Disclosure rule, the Homebuyers Assistance Act (H.R. 3192) , is now scheduled for a full floor vote in the US House on Wednesday.

While CFPB Director Richard Cordray and other financial regulators have repeatedly assured that examiners will be taking a lenient approach to enforcement of the new TRID forms, there remains potential for private litigation under the regulation. Thats why CUNA and other financial services trades have supported HR 3192 so vehemently, and we are glad to see it will get a full vote on the floor of the house.

Introduced by Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.), H.R. 3192 would provide an official hold harmless period for the TRID rule, which became effective Oct. 3. The safe harbor would be in place until Feb. 1, 2016. 

The learning curve may be particularly steep for TRID because these new forms and systems have yet to be used in an actual homebuyer transaction. A formal hold-harmless period, like the one in HR 3192, will help ensure the real estate settlement and mortgage lending industries can adapt their business processes and continue to meet homebuyers’ needs during the first few months following the Oct. 3 implementation.

The bill passed the House Financial Services Committee in July by a 45-13 vote.