ABA and other financial services groups urged the Senate to pass S.1711, which would provide lenders with a temporary safe harbor from enforcement of the TILA-RESPA integrated disclosures, expected to become effective Oct. 3, the groups said in a comment letter yesterday.
“Without more clarity, the result is likely to leave homebuyers with less flexibility to buy and close on a home on their terms and potentially fewer companies to work with,” the groups said.
The bill -- Introduced last week by Sen. Tim Scott (R-S.C.) -- is a companion to H.R. 2213 and would protect lenders from private lawsuits and regulatory enforcement actions through Dec. 31, 2015.
Read the letter.