Bill Introduced in Senate to Set Hold-Harmless Period for TILA-RESPA Integration
ICBA-backed legislation was just introduced directing the CFPB to allow a hold-harmless period through the end of the year following the effective date of the TILA-RESPA Integrated Disclosures (TRID) regulation. S. 1711, which is a companion bill to legislation introduced in May in the House of Representatives, would provide for limited liability for lenders that attempt to comply, in good faith, with the new TRID requirements through the end of 2015. Sens. Tim Scott (R-S.C.) and Joe Donnelly (D-Ind.) introduced the bill this week.
In May, ICBA expressed support for H.R. 2213, which was introduced by Reps. Brad Sherman (D-Calif.) and Steve Pearce (R-N.M.), which would allow stakeholders to make a good-faith effort to comply with the TRID regulation without the fear of potential enforcement actions or lawsuits. ICBA will continue to closely follow the legislation.