Representatives Andy Barr (R-KY), Carolyn B. Maloney (D-NY), and 252 other House Members have asked the Consumer Financial Protection Bureau (CFPB) for a grace period that would help lenders and home buyers comply with a new regulation. The Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) regulation required by the Dodd-Frank Wall Street Reform Act is meant to reduce the number and complexity of disclosure forms home buyers must review when closing on a home. The rule is set to take effect in August – the peak home buying season. The timing of the rule’s implementation poses significant challenges to the housing industry and to families hoping to close on new home purchases before the start of the school year.
“Even with significant advance notice, understanding how to implement and comply with this regulation will only become clear when the industry gains experience using these new forms and processes in real-life situations,” wrote the House Members to CFPB Director Richard Cordray. “As the TRID regulation does not provide lenders an opportunity to start using the new disclosure form prior to the August 1st implementation date, market participants will not be able to test their systems and procedures ahead of time, which increases the risk of unanticipated disruptions on August 1st. That is why we believe that a grace period for those seeking to comply in good faith from August 1st through the end of 2015 would be particularly useful in these circumstances.”
The following members signed the letter: Reps. Ralph Abraham, Alma Adams, Robert Aderholt, Pete Aguilar, Rick Allen, Mark Amodei, Lou Barletta, Joe Barton, Joyce Beatty, Dan Benishek, Donald S. Beyer, Gus Bilirakis, Mike Bishop, Sanford Bishop, Marsha Blackburn, Madeleine Bordallo, Charles Boustany, Brendan Boyle, Kevin Brady, Dave Brat, Jim Bridenstine, Mo Brooks, Susan Brooks, Julia Brownley, G.K. Butterfield, Bradley Byrne, Lois Capps, Michael Capuano, Tony Cardenas, John Carney, Earl L. "Buddy" Carter, Kathy Castor, Steve Chabot, David Cicilline, Katherine Clark, Emanuel Cleaver, Mike Coffman, Tom Cole, Chris Collins, Doug Collins, Gerald E. Connolly, John Conyers, Paul Cook, Jim Costa, Ryan Costello, Joe Courtney, Kevin Cramer, Henry Cuellar, John Culberson, Diana DeGette, John Delaney, Mark DeSaulnier, Scott Desjarlais, Ted Deutch, Debbie Dingell, Bob Dold, Sean Duffy, Jeff Duncan, Keith Ellison, Renee Ellmers, Tom Emmer, Eliot Engel, Anna Eshoo, Elizabeth H. Esty, Stephen Fincher, Michael Fitzpatrick, Chuck Fleischmann, John Fleming, M.D., Randy Forbes, Jeff Fortenberry, Bill Foster, Virginia Foxx, Trent Franks, Rodney Frelinghuysen, John Garamendi, Scott Garrett, Bob Gibbs, Chris Gibson, Bob Goodlatte, Trey Gowdy, Gwen Graham, Kay Granger, Garret Graves, Tom Graves, Al Green, Morgan Griffith, Glenn Grothman, Frank Guinta, Brett Guthrie, Richard Hanna, Gregg Harper, Alcee Hastings, Denny Heck, Jaime Herrera Beutler, Jody Hice, Brian Higgins, French Hill, Jim Himes, Ruben Hinojosa, George Holding, Mike Honda, Richard Hudson, Tim Huelskamp, Jared Huffman, Bill Huizenga, Randy Hultgren, Robert Hurt, Steve Israel, Evan Jenkins, Lynn Jenkins, Bill Johnson, Eddie Bernice Johnson, David Jolly, Walter Jones, John Katko, William R. Keating, Mike Kelly, Joe Kennedy, Dan Kildee, Derek Kilmer, Ron Kind, Peter King, Steve King, Adam Kinzinger, John Kline, Ann McLane Kuster, Raúl Labrador, Doug LaMalfa, Leonard Lance, Rick Larsen, John B. Larson, Robert Latta, John Lewis, Ted Lieu, Dan Lipinski, Frank A. LoBiondo, Dave Loebsack, Zoe Lofgren, Mia Love, Frank Lucas, Ben Ray Lujan, Michelle Lujan Grisham, Cynthia Lummis, Stephen Lynch, Sean Patrick Maloney, Kenny Marchant, Tom Marino, Thomas Massie, Betty McCollum, James P. McGovern, Patrick McHenry, David McKinley, Mark Meadows, Patrick Meehan, Luke Messer, John Mica, Jeff Miller, Gwen Moore, Mick Mulvaney, Patrick Murphy, Grace Napolitano, Dan Newhouse, Kristi Noem, Richard Nolan, Rich Nugent, Pete Olson, Bill Pascrell, Erik Paulsen, Donald M. Payne, Jr., Steve Pearce, Ed Perlmutter, Chellie Pingree, Robert Pittenger, Mark Pocan, Ted Poe, Bruce Poliquin, Mike Pompeo, Bill Posey, David Price, Tom Price, M.D., Charles Rangel, Tom Reed, Dave Reichert, Jim Renacci, Reid Ribble, Tom Rice, Kathleen Rice, Cedric Richmond, Scott Rigell, Martha Roby, Mike Rogers, Harold Rogers, Todd Rokita, Peter Roskam, Dennis Ross, Keith Rothfus, David Rouzer, Ed Royce, Bobby Rush, Steve Russell, Steve Russell, Tim Ryan, Matt Salmon, David Schweikert, David Scott, Bobby Scott, Jim Sensenbrenner, Pete Sessions, Terri Sewell, Brad Sherman, Bill Shuster, Mike Simpson, Kyrsten Sinema, Albio Sires, Louise Slaughter, Jason Smith, Adrian Smith, Chris Smith, Jackie Speier, Steve Stivers, Marlin Stutzman, Mark Takano, Glenn 'GT' Thompson, Mike Thompson, Pat Tiberi, Dina Titus, Paul Tonko, David Trott, Michael Turner, Fred Upton, Chris Van Hollen, Juan Vargas, Filemon Vela, Ann Wagner, Tim Walberg, Mark Walker, Jackie Walorski, Maxine Waters, Randy Weber, Daniel Webster, Peter Welch, Brad Wenstrup, Bruce Westerman, Lynn Westmoreland, Ed Whitfield, Roger Williams, Joe Wilson, Robert J. Wittman, Rob Woodall, John Yarmuth, David Young, and Todd Young.