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Sens. Tim Scott, R-S.C., and Joe Donnelly, D-Ind., offered legislation this week to provide a reasonable hold-harmless period following the Oct. 3 effective date of CFPB's TILA-RESPA Integrated Disclosures (TRID) regulation.

The Senate bill, S. 1711, is identical to H.R. 2213, introduced in May by Reps. Steve Pearce, R-N.M., and Brad Sherman, D-Calif., and strongly supported by NAFCU.

S. 1711 drew praise yesterday from NAFCU President and CEO Dan Berger, who thanked Sens. Scott and Donnelly "for their leadership in seeking to ensure credit unions have sufficient time to comply with this complex regulation without the threat of regulatory enforcement action."

The bipartisan legislation would limit lawsuits and enforcement (as long as a good-faith effort is made to comply) of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act and the Truth in Lending Act until Jan. 1, 2016.

NAFCU has pointed out that credit unions need a grace period for enforcement and liability as they strive to make good-faith efforts to comply with the new TILA/RESPA regulations. Those rules were originally set to take effect Aug. 1, but CFPB plans to push that to Oct. 3.

Original cosponsors to S. 1711 include Senators Mike Crapo, R-Idaho, Jeanne Shaheen, D-N.H., Dean Heller, R-Nev., Angus King, I-Maine, Mike Rounds, R-S.D., Steve Daines, R-Mont., Kelly Ayotte, R-N.H., Pat Roberts R-Kan., and Johnny Isakson, R-Ga.