CUNA-backed bill for TRID hold-harmless period passed in House

WASHINGTON, DC (October 7, 2015) — A CUNA-backed bill passed the U.S. House for a hold-harmless period in the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule through Feb. 1, 2016 by a vote of 303-121. CUNA heavily advocated for passage of H.R. 3192, the Homebuyers Assistance Act, which would protect mortgage stakeholders making a good faith effort to comply with TRID from enforcement and litigation during the hold-harmless period.

“This legislation is important for credit unions as they work in good faith to comply with the TRID rule, which became effective October 3,” said Ryan Donovan, CUNA chief advocacy officer. “CUNA and other stakeholders repeatedly asked the CFPB to provide a formal hold-harmless period to ensure the rule has minimal impact on consumers and residential home mortgage closings. We thank the House for their quick action on this important issue and urge the Senate to do the same.”

Bill sponsor Rep. French Hill (R-Ark.) said the legislation was introduced due to a lack of clear guidance from the CFPB, the stories he and his colleagues have heard regarding efforts to comply, and lingering uncertainty on several aspects of the rule.

Rep. Brad Sherman (D-Cal.), one of the co-sponsors of the bill, said the bill would help ensure access to mortgage credit during the hold-harmless period because it would allow small lenders to work toward full compliance without penalty.

About CUNA

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit


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