Trid Improvement Act of 2017

Floor Speech

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Mr. LOUDERMILK. Madam Speaker, I thank Chairman Hensarling for his leadership and for allowing me to come here and speak in support of the TRID Improvement Act and the other bills that are in this package.

Madam Speaker, we have seen countless examples of overregulation and regulatory mission creep by many agencies, and especially of the CFPB. But one of the things the CFPB should be doing is making sure that consumers have the right information when closing on a home.

Unfortunately, the CFPB's 2015 mortgage disclosure caused many home buyers to not have an accurate disclosure of their title insurance premiums. The commonsense bill proposed by my colleague, Mr. Hill, will make sure that home buyers know exactly the cost of their title insurance, not two different prices from a loan estimate and a closing document.

I also strongly support several other pieces of legislation that have been included in this package. Mr. Ross' bill, the FSOC Improvement Act, will make regulation of large financial institutions much smarter and more effective. Instead of only focusing on punishing companies for violations of rules, regulators should also focus on what should be the real purpose of financial regulations, which is reducing risk.

Mr. Ross' bill will also allow nonbank financial companies the opportunity to reduce any risky activities before they are designated as systemically important. This will help financial regulators to achieve their intended purpose rather than simply being a gotcha game on regulated companies.

All of these bills we are considering today received overwhelming bipartisan support in the Financial Services Committee, and I urge all of my colleagues to support this legislative package.

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