[Congressional Record Volume 161, Number 148 (Thursday, October 8, 2015)]
[Extensions of Remarks]
[Page E1449]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





                       HOMEBUYERS ASSISTANCE ACT

                                 ______
                                 

                               speech of

                        HON. SHEILA JACKSON LEE

                                of texas

                    in the house of representatives

                       Wednesday, October 7, 2015

  Ms. JACKSON LEE. Madam Speaker, I rise today in strong opposition to 
H.R. 3192, the Homebuyers Assistance Act, which would delay, until 
February 1, 2016 enforcement of the Consumer Financial Protection 
Bureau's (CFPB) integrated rule regarding disclosures that mortgage 
lenders must provide to homebuyers.
  I oppose this legislation for two principal reasons.
  First, H.R. 3192 contains a provision that hurts homeowners by 
removing their private right of action for violations of the CFPB's 
Truth in Lending Act--RESPA Integrated Disclosure (TRID) regulations.
  Second, I oppose the legislation because it is unnecessary since the 
CFPB has previously announced its intention to take into account good 
faith efforts by lenders in evaluating compliance by lenders with the 
TRID regulations.
  Madam Speaker, it should be noted that CFPB gave the mortgage 
industry approximately two years notice to implement the new disclosure 
requirements, and this past summer extended that deadline until October 
3, 2015.
  H.R. 3192 would revise the effective date for the Know Before You Owe 
rule to February 1, 2016, and would shield lenders from liability for 
violations for loans originated before February 1 so long as lenders 
made a good faith effort to comply.
  In extending the effective date of the Know Before You Owe rule by an 
additional 4 months, H.R. 3192 unnecessarily delays implementation of 
important consumer protections designed to eradicate opaque lending 
practices that contribute to risky mortgages and hurt homeowners by 
removing their private right of action for violations, and undercuts 
the Nation's financial stability.
  The delay of enforcement harms consumers by encouraging some lenders 
to attempt to evade the new rule and reduces the incentive to comply 
promptly.
  Having witnessed the economic and financial devastation inflicted on 
the economy, business, and households in 2008 resulting from inadequate 
oversight of the financial industry, we simply cannot afford to repeat 
that mistake.
  I urge my colleagues to vote to protect consumers and homebuyers from 
predatory and unfair lending practices by voting against H.R. 3192.

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