Nydia M. Velazquez: “I thank the gentlewoman for yielding. Mr. Speaker, I rise in opposition to H.R. 3192 to protect Americans' investment in…”

“I thank the gentlewoman for yielding. Mr. Speaker, I rise in opposition to H.R. 3192 to protect Americans' investment in their homes. The new TILA-RESPA disclosure rules are critical consumer protections that will provide consumers with expanded information before buying a home. What we are doing today with this legislation is to use dilatory tactics to prevent CFPB from doing their job in protecting consumers. This legislation, however, is a solution in search of a problem. Just last week, before a Financial Services Committee hearing, Consumer Financial Protection Bureau Director Cordray indicated that the agency will implement a hold harmless period so that the industry could implement rules without risk of enforcement. H.R. 3192, which will further extend the grace period, is, therefore, unnecessary. The Consumer Financial Protection Bureau has already indicated a willingness to work hand in hand with the industry. But I guess that is not enough. If this bill is enacted, the private right of action will be blocked, denying consumers their basic right to a day in court. That is not right, and this body should not stand for it. This will undermine the intent of the Integrated Disclosure, which is to provide clear, straightforward information to consumers regarding their mortgage.…”