Political Quotes

“I thank Chairman Hensarling. Madam Speaker, I would like to thank the gentleman from Arkansas (Mr. Hill) for introducing this very important and significant piece of legislation. H.R. 3192 acknowledges the learning curve that accompanies implementation of any new Federal regulation. The TILA-RESPA Integrated Disclosure rule has been in effect now for 4 days. At this early stage, agencies are unable to protect the industry from liability risk that will follow during the early days of compliance, and Director Cordray has acknowledged that compliance would be difficult during these days of implementation. The loss should take into account Director Cordray's statement and protect home buyers, sellers, and the industry from regulatory and civil liability as they make good faith efforts to comply with the latest CFPB requirements. I met with New Hampshire bankers, credit unions, and Realtors in September. They shared their concerns about what could happen if, misinterpreting the new rules, they made an unfortunate or unintentional error. Compliance costs from other CFPB rules currently in effect have hobbled New Hampshire's financial institutions. The risks of this new rule could even lead some to quit the residential lending business, and that has already happened in one circumstance in my district.…”