House to Vote on 'Madden Fix,' TRID Improvement Bills
February 12, 2018
The House is scheduled to vote this week on two more bipartisan regulatory reform bills backed by ABA as part of its Blueprint for Growth. H.R. 3299, which would provide a much-needed fix for confusion created by the Madden v. Midland Funding decision, would codify the “valid-when-made” doctrine. This doctrine ensures that validly made loans remain valid when they are sold or assigned, but it has come under question in the courts.
Also set for a vote this week is H.R. 3978, which would amend the Real Estate Settlement Procedures Act to require the CFPB to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers as part of the TILA-RESPA integrated disclosures. The CFPB does not currently permit these disclosures, which creates inconsistencies in mortgage documents and creates confusion for consumers.
Meanwhile, the House Financial Committee will hold several subcommittee hearings this week. On Wednesday, it will hold hearings on data security and on derivatives regulation. Thursday will see hearings on the effects of derisking on access to financial services and on the financial nexus of terrorism, drug trafficking and organized crime. On Friday, the committee will examine the Committee on Foreign Investment in the U.S. On Thursday, Commodity Futures Trading Commission Chairman Christopher Giancarlo will testify before the Senate Agriculture Committee.