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Wednesday, May 6, 2015

ABA-ABIA Backed Bill Would Delay Enforcement on TILA-RESPA Changes

Reps. Steve Pearce (R-N.M.) and Brad Sherman (D-Calif.) on Friday introduced H.R. 2213, which would provide lenders with a temporary safe harbor from enforcement of the rule integrating required mortgage disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act.

ABIA supports the bipartisan bill, which would protect lenders from private lawsuits and regulatory enforcement actions through Dec. 31, 2015, if they are making good faith efforts to comply with the rule. Noting the major challenges of implementing the new disclosures -- and the lack of opportunity to comply before Aug. 1 -- ABA has urged the CFPB to offer a “grace period” to allow the industry to ensure implementation goes as smoothly as possible.