The Homebuyers Assistance Act, a bill that would provide a safe harbor from both agency enforcement and private lawsuits for lenders acting in good faith to comply with new TILA-RESPA disclosure requirements, passed the House of Representatives Wednesday by a vote of 303 to 121. That count included 239 Republicans and 64 Democrats in favor of the bill; 121 Democrats and no Republicans voted against it.
The bill was introduced by Rep. Brad Sherman (D-Calif.) and Rep. French Hill (R-Ark.).
Sherman was the only Democrat to speak on the floor in favor of the bill. Minority Leader Nancy Pelosi and Financial Services Ranking Member Maxine Waters both spoke on the House floor against the bill. The Obama Administration also denounced the bill and threatened a veto should it also pass the Senate.
"This legislation is important for credit unions as they work in good faith to comply with the TRID rule, which became effective Oct. 3," CUNA Chief Advocacy Officer Ryan Donovan said. "CUNA and other stakeholders repeatedly asked the CFPB to provide a formal hold-harmless period to ensure the rule has minimal impact on consumers and residential home mortgage closings. We thank the House for their quick action on this important issue and urge the Senate to do the same."
NAFCU Vice President of Legislative Affairs Brad Thaler wrote lawmakers Tuesday, urging them to pass the bill. He said that although both the NCUA and the CFPB have said they will consider credit unions' good faith efforts toward TILA-RESPA compliance, there were remaining unresolved ambiguities of the CFPB's rule.
"We thank Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.) for their leadership in introducing H.R. 3192 and shepherding it through the House," Thaler said. "This legislation will erase all doubt and allow mortgage lenders to comply without fear of enforcement actions. We look forward to continuing to work with Congress to help advance the legislation. "
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