U.S. Reps. Blaine Luetkemeyer (MO-03) and Randy Neugebauer (TX-19), chairmen of the two Financial Services subcommittees with jurisdiction over TILA and RESPA, sent letters to 16 key financial services trade associations in light of Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s expected decision to move forward with implementation of the TILA-RESPA Integrated Disclosure Plan (TRID).

“For months, there has been a strong, bipartisan coalition of Members of Congress who are incredibly concerned with implementation of TRID without holding a formalized hold harmless period. TRID is one of the most fundamental changes to the real estate settlement process made in decades, and the American people deserve better than Director Cordray’s ‘my way or the highway’ approach. Today’s letters were sent in hope that financial services trade associations monitor TRID-related penalties assessed to financial institutions and report all enforcement actions to Congress. It is our wish that implementation of this rule moves forward smoothly. This is one that needs to be executed correctly; however, the reality of this situation is this is likely to create deep issues for consumers, lenders, and the CFPB. We stand ready to closely monitor TRID implementation and will work to ensure that CFPB’s unwillingness to institutionalize a grace period does not come as a detriment to homebuyers or sellers.”