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

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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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