USCC Applauds Bipartisan Passage of Homebuyers Assistance Actposted October 9, 2015
October 9, 2015 – Washington, D.C. – The US Consumer Coalition (USCC) commends the House of Representatives on this week’s bipartisan passage of H.R. 3192, the Homebuyers Assistance Act. Sponsored by Representative French Hill (R-AR), H.R. 3192 would provide relief to homebuyers who are facing delays and disruptions during home closings due to a new 1,888-page rule issued by the Consumer Financial Protection Bureau (CFPB). The bill would provide a four-month grace period for businesses that are working in good faith to comply with the new rule.
“The CFPB continues to expand its impact on the free market, often to the detriment of the consumer. While this new rule is intended to streamline the currently duplicative disclosure requirements that are part of the mortgage process, it does so by creating new implementation and compliance challenges for consumers and mortgage lenders. It is imperative that a balance be achieved when implementing these rules so that consumers are not bearing the costs of an activist regulatory environment. The Homebuyers Assistance Act will help provide that balance,” said Brian Wise, senior advisor to USCC.
USCC thanks the House of Representatives for their hard work in passing this bipartisan piece of legislation.
The US Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.