This story appeared in Bank Digest.
The House of Representatives has passed five bipartisan bills that were previously passed by the Financial Services Committee, including the Homebuyers Assistance Act (H.R. 3192), which provides a four-month grace period for businesses that are working in good faith to comply with the CFPB's TILA-RESPA Integrated Disclosure (TRID) Rule. The other bills that were passed are the Small Bank Exam Cycle Reform Act (H.R. 1553), the Reforming Access for Investments in Startup Enterprises Act (RAISE) Act (H.R. 1839), the Child Support Assistance Act (H.R. 2091), and the Disclosure Modernization and Simplification Act (H.R. 1525).
Regarding H.R. 3192, the Obama Administration has released a Statement of Administration Policy indicting the President's intention to veto the bill. The statement noted that the CFPB had already extended the effective date for these requirements by two months and that the bureau has clearly stated that initial examinations will evaluate good faith efforts by lenders.