NAFCU statement on House passage of H.R. 3192, TRID ‘hold-harmless’ bill

WASHINGTON, DC (October 8, 2015) — National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement in response to the House passage of the NAFCU-backed H.R. 3192, the “Homebuyers Assistance Act,” which would establish a hold-harmless period on enforcement under TRID until Feb. 1.

Thaler urged lawmakers to support the legislation in a letter yesterday.  He wrote that though both NCUA and CFPB have noted they will consider credit unions’ good faith efforts toward compliance regarding the rule, there were remaining “unresolved ambiguities” of Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA integrated mortgage disclosures rule.

“We thank Reps. French Hill (R-Ark.) and Brad Sherman (D-Calif.) for their leadership in introducing H.R. 3192 and shepherding it through the House,” said Thaler. “This legislation will erase all doubt and allow mortgage lenders to comply without fear of enforcement actions.  We look forward to continuing to work with Congress to help advance the legislation. ”

Whether the bill can clear the Senate, on its own or as part of other legislation, is unclear. Sen. Tim Scott, R-S.C., has meanwhile introduced a companion bill as S. 1711.

The White House this week threatened a veto of H.R. 3192. NAFCU will continue to monitor the bill’s progress and advocate further regulatory relief for credit unions.


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.


Molly Safreed, (NAFCU)

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