NAFCU Letter to House in support of H.R. 3192, the Homebuyer’s Assistance Act

WASHINGTON, DC (October 6, 2015)

The Honorable John Boehner
U.S. House of Representatives
Washington, D.C. 20515

The Honorable Nancy Pelosi
Minority Leader
U.S. House of Representatives
Washington, D.C. 20515

Re: Support H.R. 3192, the Homebuyer’s Assistance Act

Dear Speaker Boehner and Minority Leader Pelosi:

On behalf of the National Association of Federal Credit Unions (NAFCU), the only trade association exclusively representing the federal interests of our nation’s federally-insured credit unions, I write today as the House prepares to consider H.R. 3192, the Homebuyer’s Assistance Act. NAFCU supports the legislation and urges you to support and pass it on Wednesday.

This bipartisan legislation, introduced by Representatives French Hill and Brad Sherman, would prevent the enforcement of new integrated disclosure requirements for mortgage transactions under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) (commonly called TRID) before February 1, 2016, so long as a good faith effort to comply is made.

The new disclosure requirements had a hard start date, and there has been no grace period in which mortgage lenders are able to test their new systems. Many of these lenders may rely on outside vendors to have everything correct, and this can lead to unintentional errors while making a good faith effort to comply.

While National Credit Union Administration (NCUA) Chairman Debbie Matz has indicated that NCUA will consider credit unions’ “good faith efforts toward substantial compliance” relative to TRID, and CFPB Director Cordray has made similar statements, NAFCU and our members remain concerned over unresolved ambiguities in the regulation. This legislation will erase all doubt and allow mortgage lenders to comply without fear of enforcement actions. 

Thank you for your leadership in bringing the Homebuyer’s Assistance Act to the House floor. Should you have any questions or require any additional information please contact me or Chad Adams, NAFCU’s Associate Director of Legislative Affairs, at 703-842-2266 or


Brad Thaler
Vice President of Legislative Affairs

cc:        Members of the U.S. House of Representatives


The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to or @NAFCU on Twitter.


Marisol Garibay
Vice President, Communications & Media Relations
National Association of Federally-Insured Credit Unions
3138 10th Street North
Arlington, VA 22201
O: (703) 842-2820 ext. 291

Amanda Dela Cruz
Associate Director, Communications
National Association of Federally-Insured Credit Unions
3138 10th Street North
Arlington, VA 22201
O: (703) 842-2263 ext. 263
M: (571) 447-0022

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