Friday, September 18, 2015

Rep. French Hill: "We Can't Defend Bureaucratic Intransigence at the Expense of our Home-Buying Public"

Rep. French Hill (R-AR-2) on the TILA-RESPA Integrated Disclosure Rule (TRID): I’d like to thank [the Chairman] and our bipartisan group that are working to take care of [the TILA-RESPA integrated rule] and trying to get bipartisan support here in the House and the Senate to remove the penalties in the implementation of that act. Mr. Cordray has refused to do that in his own authority at the CFPB … I want to side with the consumer here. Some 230,000 Americans refi or buy a new home every month and they’re going to be the ones who are victimized by this confusing rule that doesn’t get implemented properly do to a technology reason or a misunderstanding at a real estate brokerage, or a title company, or a bank. I hope we can [pass H.R. 3192] before October 3, so that our [title companies], commercial banks, mortgage bankers, real estate agents all have some confidence that they can go into this new closing regime and not be penalized, either by the Federal Government or through civil liability.

On CFPB: I was a CEO of a consumer and commercial bank until December 31 , 2014. This hearing, Mr. Chairman, is no academic exercise to me, I have run an institution under the first [four and half years] of Dodd-Frank, and to me, the CFPB really was a redundant exercise, and let me explain why: because I never once in two and a half decades of commercial banking ever saw a state or federal regulator shirk their consumer protection responsibility under federal laws.

Tags: Arkansas, U.S. Representative, French Hill, AR-2, home buying, To share or post to your site, click on "Post Link". This site is an Outreach of the ARRA News Service.

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