The House of Representatives is expected to vote Oct. 7 on a bill (H.R. 3192) that would provide the mortgage lending and settlement services industries with a hold-harmless period extending to Feb. 1, 2016, for those who make good-faith efforts to comply with the TILA-REPSA Integrated Disclosure (TRID) rules.
H.R. 3192 (or the Homebuyers Assistance Act) was introduced by Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.) and is different from H.R. 2213, which was introduced by Reps. Steve Pearce (R-N.M.) and Sherman, because of the date. H.R. 2213 would have only provided an enforcement grace period to Jan. 1, 2016. Its companion bill in the Senate, S. 1711, has not moved forward.
Meanwhile, the House Financial Services Committee passed several bills Sept. 30 that would reform the Consumer Financial Protection Bureau (CFPB).
H.R. 1266, which was introduced by Rep. Randy Neugebauer (R-Texas) in March, would amend the CFPB from a single-director governance model to a five-member commission, with the members having staggered terms. The commissioners would be appointed by the president, with the advice and consent of the Senate. The bill passed the committee with a 35-24 vote. The bill had 50 co-sponsors, three of which are Democrats.
Another bill that passed the committee is H.R. 957, which would require Senate confirmation of an inspector general for the CFPB. The CFPB currently shares an inspector general with the Federal Reserve Board. Rep. Steve Stivers (R-Ohio) introduced the bill in February. It passed the committee with a 56-3 vote.
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