The House passed a CUNA-approved act amending the Real Estate Settlement Procedures Act on Tuesday.
According to the Credit Union National Association, the TRID Improvement Act of 2018, or H.R. 5078, would require the Consumer Financial Protection Bureau “to allow the accurate disclosure of title insurance premiums and any potential available discounts to home-buyers.”
CUNA President and CEO Jim Nussle said the legislation would “reduce confusion associated with the ability for title insurance companies to disclose available discounts.”
“This kind of targeted regulatory relief benefits credit unions and consumers, who will have easier access to potential discounts,” Nussle said. “CUNA will continue our engagement with policymakers to see this bill move forward.”