ALTA-supported Hold-harmless Bill for TRID Introduced in Senate

July 9, 2015

On July 7, U.S. Sen. Tim Scott (R-S.C.) introduced S. 1711, a companion bill to H.R. 2213, which provides for limited liability for those who in good faith attempt to comply with the new TILA-RESPA Integrated Disclosure (TRID) requirements through 2015.

Sen. Scott believes that “legislation—as opposed to reliance on promises of bureaucratic ‘sensitivity’ after the effective date or Congressional Review Act hiccups—provides the highest degree of certainty ….” 

In a June 3 letter to members of Congress and on a blog, CFPB Director Richard Cordray said the bureau would be “sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the rule on time.”

Text of  S. 1711 is not yet available. Bills are generally sent to the Library of Congress from GPO, the Government Publishing Office, a day or two after they are introduced on the floor of the House or Senate. Delays can occur when there are a large number of bills to prepare or when a very large bill has to be printed.

As of July 9, the bill had 10 sponsors.

ALTA has urged Congress to pass legislation that would provide a hold-harmless period following TRID implementation. ALTA also continues to ask the CFPB to announce a hold-harmless period to help provide clarity on how to comply.


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

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