Encourage Your Senator to Pass TRID Hold-harmless Bill

November 24, 2015

ALTA continues to encourage the Senate to pass legislation that would provide limited liability for those who in good faith attempt to comply with the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule through 2015.

  • Title professionals are encouraged to take action and urge their Senator to to co-sponsor, schedule a vote and pass S. 1711

Introduced by Sens. Tim Scott (R-SC) and Joe Donnelly (D-IN), S. 1711 would direct the CFPB to observe a temporary safe harbor for companies working in good faith to comply with TRID until Jan. 1, 2016.

On Oct. 7, the U.S House of Representatives on Oct. 7 passed H.R. 3191 by an overwhelming bipartisan vote of 303-121. The bill would create an official hold-harmless period through Feb. 1, 2016 for companies making good-faith efforts to comply with TRID. Sponsored by Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.), the Homebuyers Assistance Act also would provide companies relief from civil liability during the hold-harmless period.

The legislation passed with a veto-proof majority. That means President Obama can’t veto the legislation if it passes the Senate. The White House had issued a release indicating that if presented with H.R. 3192, President Obama’s senior advisors would recommend that he veto the bill. However, legislation

ALTA thanked members of the Title Action Network, Congressional Liaisons and state land title associations for contacting their representatives and helping to get H.R. 3192 passed. 

Contact ALTA at 202-296-3671 or communications@alta.org.