Industry Lobbying Efforts Continue For ‘Hold Harmless’ TRID Relief
July 13, 2015
The mortgage lending industry, fresh off a successful appeal to the CFPB for an extension of the effective date of the pending integrated disclosure rule, has secured the introduction of another piece of legislation in the U.S. Congress that would provide lenders a “hold harmless” enforcement period under the new rule. S. 1711, a bipartisan bill sponsored by Sens. Tim Scott, R-SC, Joe Donnelly, D-IN, and others, would provide for a temporary safe harbor from the enforcement of the rule, from the effective date through Dec. 31, 2015, providing lenders are making good-faith efforts to comply with the rule. The measure is identical to H.R. 2213 introduced in May by Reps. Steve Pearce, R-NM, and Brad Sherman, D-CA. “This bill ...