Tonight two CUNA-supported regulatory relief bills passed in the House: the TRID Improvement Act of 2017 (H.R. 3978) and the Protecting Consumers’ Access to Credit Act (H.R. 3299).
“These bills are common-sense pieces of regulatory relief legislation that provide great benefits to consumers while minimizing the burdens facing credit unions and other financial institutions,” said CUNA Chief Advocacy Officer Ryan Donovan. “We’re pleased to see them move forward and will continue our work to move these bills along in the process.”
Amendments to the Real Estate Settlement Procedures Act under H.R. 3978 would require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of the title insurance premiums and any other available discounts to homebuyers.
Amendments to the Federal Credit Union Act under H.R. 3299 would require state loans with a maximum rate of interest, in accordance with federal law, to remain valid, even if a bank or loan has been sold to a third party.