House passes CUNA-backed TRID Improvement Act

Tonight, the CUNA-backed TRID Improvement Act of 2018 (H.R. 5078) passed in the House with a 53-5 vote. Amendments under the bill include clarifications to the Real Estate Settlement Procedures Act, requiring the Consumer Financial Protection Bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.

“This is a common-sense piece of legislation that would reduce confusion associated with the ability for title insurance companies to disclose available discounts,” said CUNA President/CEO Jim Nussle. “This kind of targeted regulatory relief benefits credit unions and consumers, who will have easier access to potential discounts. CUNA will continue our engagement with policymakers to see this bill move forward.”