House Passes Homebuyers Assistance Act and Other Financial Services Bills

The House of Representatives passed the Homebuyers Assistance Act intended "to help homebuyers avoid delays and disruptions when closing on their new homes." The legislation passed by a vote of 303 to 121. It provides, inter alia, a four-month grace period for businesses that are working "in good faith" to comply with the Consumer Financial Protection Bureau's implementation of the new TILA-RESPA Integrated Disclosure Rule.

The House also passed four other bills introduced by the Financial Services Committee including (i) the Small Bank Exam Cycle Reform Act, (ii) the Disclosure Modernization and Simplification Act, and (iii) the Reforming Access for Investments in Startup Enterprises Act.