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U.S. House Votes Overwhelmingly to Delay TRID Liability

The United States House of Representatives voted overwhelmingly (303 to 121) in favor of the Homebuyers Assistance Act (H.R. 3192), despite the threat of a Presidential veto. This legislation will provide a reasonable hold-harmless period for enforcement of the of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) regulation for those that make good-faith efforts to comply.

While CBAI appreciates the Bureau’s representation that it will be sensitive to the progress made by those institutions that make good-faith efforts to comply, at the same time, community banks needs more certainty that their good-faith efforts to comply will not expose them to harmful litigation.

CBAI thanks the following Illinois members of the House for voting in favor of this important legislation which now goes to the Senate for consideration - Mike Bost (R-12), Cheri Bustos (D-17), Rodney Davis (R-13), Robert Dold (R-10), Bill Foster (D-11), Randy Hultgren (R-14), Adam Kinzinger (R-16), Darin LaHood (R-18), Dan Lipinski, (D-03), Mike Quigley (D-05), Peter Roskam (R-06), and John Shimkus (R-15).

 October 7, 2015