OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Homebuyers Assistance Act

Floor Speech

Date: Oct. 7, 2015
Location: Washington, DC
Issues: Business and Consumers Finance and Banking

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Ms. VELAZQUEZ. I thank the gentlewoman for yielding.
Mr. Speaker, I rise in opposition to H.R. 3192 to protect Americans'
investment in their homes.

The new TILA-RESPA disclosure rules are critical consumer protections
that will provide consumers with expanded information before buying a
home.

What we are doing today with this legislation is to use dilatory
tactics to prevent CFPB from doing their job in protecting consumers.
This legislation, however, is a solution in search of a problem. Just
last week, before a Financial Services Committee hearing, Consumer
Financial Protection Bureau Director Cordray indicated that the agency
will implement a hold harmless period so that the industry could
implement rules without risk of enforcement.

H.R. 3192, which will further extend the grace period, is, therefore,
unnecessary. The Consumer Financial Protection Bureau has already
indicated a willingness to work hand in hand with the industry. But I
guess that is not enough.

If this bill is enacted, the private right of action will be blocked,
denying consumers their basic right to a day in court. That is not
right, and this body should not stand for it. This will undermine the
intent of the Integrated Disclosure, which is to provide clear,
straightforward information to consumers regarding their mortgage.

How could you call this piece of legislation ``Protect Americans'
Investment in Their Homes'' and, yet, use all these dilatory tactics to
prevent consumers from having their right in court and from having the
information that they need in order to make a wise decision?

We are trying to make the process better for consumers, and there is
already a path before us that strikes a balance between the needs of
industry and millions of homebuyers.

I am confident that CFPB Director Cordray will not deviate from this
course. If he does, then we can hold the agency accountable. For these
reasons, I urge the Members of this House to oppose this bill.

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