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, released the following statement today after the House passed Rep. French Hill’s (R-AR) Homebuyers Assistance Act to provide for a temporary safe harbor period from the CFPB’s TRID rule:

“Providing a temporary safe harbor period from the CFPB’s TRID rule until February 1, 2016 will help bring confidence and stability to our nation’s mortgage and housing markets and the millions of hardworking Americans they serve. We applaud Congressman Hill and Congressman Sherman for their leadership on moving this overwhelmingly bipartisan bill through the House. It’s disappointing the House had to take Floor time to move this bill forward when Director Cordray could have taken this action by himself. A bipartisan group of nearly 300 House and Senate Members requested this formal hold-harmless period. The CFPB’s lack of accountability on our nation’s most pressing issues continues to concern us.”