Political Quotes

“Madam Speaker, I rise in support of my bill, H.R. 3978, the TRID Improvement Act. I want to focus my comments on the actual improvements to the Truth in Lending and RESPA form, TILA-RESPA, which is now referred to as TRID. Back in 2010, when Dodd-Frank was being considered, one of the goals that then-White House staffer Elizabeth Warren, now Senator Elizabeth Warren, had was: Well, we are going to make this a win for both banks and consumers. One of the things we are going to do is we are going to make forms simpler and consumer disclosure better. America's exhibit A today is the TILA-RESPA form. TILA was about truth in lending, and let's make sure the interest rate you are going to pay on your mortgage is calculated right, it is accurate. And RESPA, the Real Estate Settlement Act, said that whatever you were paying in extras, such as title insurance, was disclosed accurately. Well, we now flash forward a number of years. Back in 2013, the CFPB finalized this new, combined rule, the TRID rule: know before you owe. It should have been called: know before you confuse. This rule, finalized in 2013, was still subject to delay due to errors that the CFPB made, and it finally got put in place back in 2015. There was $1.5 billion in software compliance costs for banks to try to merge this form that is supposed to be so simple and so easy for consumers. The CFPB offered no concrete guidance about it.…”