French Hill: Your Story Matters
May 29, 2018
Speaking to more than 225 attendees during the 2018 ALTA Advocacy Summit, U.S. Rep. French Hill (R-Ark.) explained why it's important for members of Congress to hear stories from title professionals how they protect property rights for consumers.
“Your story matters,” Hill said. “It’s the stories that take an arcane topic and make it relevant to members of Congress because it shows how their constituents are affected.”
Hill complimented U.S. Sen. Mike Crapo, chairman of the Senate Banking Committee, for his effort in getting Congress to pass S.2155, a bill that rolls back some of the regulations of the 2010 Dodd-Frank Act. The House passed the bill by a bipartisan vote of 258 to 159. President Trump signed the bill into law on May 24.
“The regulatory relief bill was the product of compromise,” said Hill, who voted for the bill. “(Mike) Crapo did an outstanding job crafting a bill that changes Dodd-Frank in a positive way.”
Several bills were rolled into Crapo’s bill except for Hill’s sponsored The TRID Improvement Act (H.R. 3978), which would amend the Real Estate Settlement Procedures Act (RESPA) to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and discounts to homebuyers. The House passed H.R. 3978 by a vote of 269-143, but was not included in Crapo’s bill.
While Hill’s TRID bill was not included in S. 2155, Hill said the TRID Improvement Act could be included in a second round of bills, adding that there’s support from Democrats.
According to Hill, one item not tackled yet is reform of the government sponsored entities.
“There has been no progress toward moving the GSEs out of the conservatorship,” Hill said. “The GSEs have tiptoed into products that compete with the private sector. We need to get the system reformed and back on track. Hopefully, we can get consensus on a path forward.”
Contact ALTA at 202-296-3671 or communications@alta.org.