WASHINGTON, D.C. – October 9, 2015 – (RealEstateRama) — Congressman Steve Womack (AR-3) today released the following statement after supporting House passage of H.R. 3192, the Homebuyers Assistance Act, which provides temporary regulatory relief from the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule by establishing a hold-harmless period lasting until February 1, 2016:
“Regulations stemming from Dodd-Frank continue to impose unintended and costly consequences on Arkansas’s consumers, small businesses, community banks, and homebuyers. Thanks to the TRID rule, that’s even more true today. I commend my colleague and fellow Member of the Arkansas delegation, Congressman French Hill, for recognizing the challenges accompanying implementation of this rule and the passage of the Homebuyers Assistance Act, which provides some regulatory relief from this onerous overregulation.”
Congressman Steve Womack has represented Arkansas’s Third Congressional District since 2011 and serves on the House Appropriations Defense, Financial Services and General Government, and Labor-Health and Human Services subcommittees and the House Committee on the Budget.