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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
