The TRID Improvement Act bill passed a full House vote (271-145) on February 14, 2018. The next step is the Senate floor for a vote - however, that can take some time. There are two other possibilities that could help get the bill passed:
- Get it amended to the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) on the senate floor - however, that bill is not likely to pass as-is.
- Approach the CFPB and ask them to agree to make the change on their own. This is a bipartisan bill so this might have a good chance.
The bill passed a second time on February 27, 2018:
- This time, the TRID Improvement Act was packaged with a bill sponsored by Rep. Keith Ellison (D-Minn.), which will allow the use of utility and cell-phone payment histories as part of the credit scoring process.
- The new bill, HR 5078, was sent to the House floor this week under a suspension of the rules. This procedure is used to pass non-controversial bills and requires approval of three-fourths of the House.
- Meant to make the TRID Improvement Act more attractive for inclusion in the Senate, where a bipartisan regulatory reform bill is picking up steam.
- The bill has not passed as of yet.
Stay tuned for more updates!