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Noting the "unsolved ambiguities" in CFPB's TILA-RESPA integrated mortgage disclosures rule, NAFCU's Brad Thaler urged House leaders Tuesday to support and pass the "Homebuyer's Assistance Act," a bill slated for House action today that would establish a hold-harmless period under TRID until Feb. 1.

Thaler, NAFCU's vice president of legislative affairs, writing House Speaker John Boehner, R-Ohio, and House Democratic Leader Nancy Pelosi, D-Calif., said while both NCUA and CFPB have noted they will consider credit unions' good faith efforts toward compliance regarding the rule, the hold-harmless bill "will erase all doubt and allow mortgage lenders to comply without fear of enforcement actions."

Thaler explained that since there was no early implementation period allowed, many lenders "may rely on outside vendors to have everything correct, and this can lead to unintentional errors while making a good faith effort to comply."

On Monday, NAFCU joined with 29 other financial trade associations to urge House members to support the "Homebuyer's Assistance Act," H.R. 3192.

CQ Roll Call reported that the House is expected to pass H.R. 3192, but its path in the Senate remains unclear. The article suggested the bill could become a rider on other legislation moving through the Senate. Sen. Tim Scott, R-S.C., has already introduced a companion bill, S. 1711.

The White House has threatened a veto of H.R. 3192.