Legislative and regulatory updates from U.S. House of Representatives, NCUA


Legislative and regulatory updates announced Tuesday include another stimulus bill proposed by the U.S. House of Representatives and guidance from the NCUA regarding the Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule and Regulation Z right of rescission rule.

U.S. House of Representatives. The House Democrats unveiled a sweeping new piece of legislation aimed at providing further relief to Americans during the COVID-19 crisis.

  • The package would cost about $3 trillion and “is meant to serve as a documentation of their priorities heading into any future talks with Republicans and the White House, although most of its provisions are not expected to become law.”
  • To read a general summary of the goals of such legislation, follow this link.
  • Review the official bill text here.

NCUA. Chairman Rodney Hood put out a letter to credit unions Tuesday to urge them to notify mortgage borrowers that they can forego waiting periods. This letter serves as a follow-up to an interpretive rule issued last week relating to “waivers of required waiting periods under the TRID rule and the Regulation Z right of rescission rule.” The previous New York Minute article regarding CFPB’s interpretive ruling can be accessed by clicking here.

To read Hood’s full letter to credit unions, click here.

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