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house Bill H.R. 3192

Delaying a Disclosure From Lenders That’s Required by Dodd-Frank

Argument in favor

Lenders need more time to comply with this regulation or else it may become harder for people to buy homes, and four months is a modest delay.

DonaldTrump's Opinion
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12/15/2015
“The bankers are petrified of the regulators. And the problem is that the banks aren’t loaning money to people who will create jobs.” [thehill.com]
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Ronald's Opinion
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10/06/2015
Like almost everything in Dodd-Frank, this is just whitewash nonsense that will not protect anyone. It adds costs with zero benefit.
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SherryTX's Opinion
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10/03/2015
Considering the whole Dodd Frank bill is a disaster and only caused more regulation and the cost of services to increase, any delay in any part of the implementation is fine with me.
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Argument opposed

The implementation of this rule was already delayed by an administrative error, if banks and other mortgage lenders can’t comply now that’s their problem.

Tina's Opinion
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10/06/2015
More GOP strategies that follow in Dubya's footsteps to lead us back to another economic crisis when the housing market collapses...again. Lenders have had plenty of time to plan for this and have already had one extension. No more leeway. Give the truth in lending statements as required by law. End of story.
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Alis's Opinion
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10/04/2015
HELL NO!! The economy is still fragile & allowing Wall Street to continue unrestrained is not only flirting with the next economic disaster, it is ushering it in with alacrity. They have known for years what would be required. If you gave them that much time to make a gazillion $$$, they wouldn't need 15 minutes to get underway. Wake up & quit sacrificing the US with all its citizens on the altar of greed--mostly your greed!
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David's Opinion
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10/06/2015
Strengthen Dodd-Frank. Do not cede even a millimeter of what little advantage has been gained from it.
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What is House Bill H.R. 3192?

This bill would delay the implementation of a rule under the Dodd-Frank Act that would require mortgage lenders to make certain disclosures under the Truth in Lending Act. While the rule will technically take effect on October 3, 2015 this legislation would provide a safe harbor for lenders until February 1, 2016 which would be the new effective date.


During the time between October 3 and February 1 lenders would not be held liable for failing to carry out the integrated disclosure requirements so long as they made a good faith effort to comply with them. The Consumer Financial Protection Bureau (CFPB) would collaborate with lenders to ensure that the implementation process goes smoothly in February.

Impact

Homebuyers, mortgage lenders, and the CFPB.

Cost of House Bill H.R. 3192

The CBO estimates that this bill would have no effect on the federal budget because the CFPB’s funding comes from the Federal Reserve System.

More Information

In-Depth: This legislation’s sponsor, Rep. French Hill (R-AR) noted that his bill would not only assist lenders in making the transition to new standards, but keep the housing market stable while helping consumers:

“This temporary grace period will allow the industry to work with the CFPB to help ensure a smooth transition and prevent costly market disruptions and delays from consumers.”

House Majority Leader Kevin McCarthy (R-CA) added that:
"This bipartisan bill provides certainty to businesses that are trying to comply with the rule as well as opportunities to work out any implementation issues that come up."
A number of organizations with connections to the mortgage market sent a joint letter of support to the leadership of the House Financial Services Committee. Among those groups were the American Bankers Association, the Consumer Mortgage Coalition, the Credit Union National Association, and the National Association of Realtors.


Originally, this rule was supposed to be applied to mortgage applications received after August 1, 2015 but it was delayed until October because of "administrative errors."


The House Financial Services Committee
passed this bill on a bipartisan vote of 45-13.


Media:

Summary by Eric Revell
(Photo Credit: Flickr user Violette79)

AKA

Homebuyers Assistance Act

Official Title

To provide for a temporary safe harbor from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, and for other purposes.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house Passed October 7th, 2015
    Roll Call Vote 303 Yea / 121 Nay
      house Committees
      Committee on Financial Services
    IntroducedJuly 23rd, 2015

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