The GUIDE Compliance Act, a federal bill supported by the American Land Title Association and Knight Barry Title, is a couple steps closer to becoming law. Officially known as the “Give Useful Information to Define Effective Compliance Act
,” H.R. 5534 was introduced in April by U.S. Rep. Sean Duffy, a Republican who represents Wisconsin’s Seventh District. It immediately gained bipartisan support and was passed out of the House Committee on Financial Services with a 38-14 vote.
We wrote about this bill earlier this summer because the GUIDE Act was one of two proposals that title insurance colleagues pushed for during ALTA’s annual Advocacy Summit in May. Craig Haskins, Knight Barry Title’s hardworking COO, was there representing us, so we’re certainly glad to see the legislation progressing. Getting better direction from the CFPB would certain benefit title companies and their customers, and we wanted to spread the news to you.
Shortly after the House proposal passed out of committee, Senators Orrin Hatch (R-Utah) and James Lankford (R-Oklahoma) introduced a companion bill, S. 3443
. Past ALTA President Steve Day, who testified in front of a subcommittee for the House proposal in June, also applauded the Senate bill.
“This legislation would create a more formal process at the Consumer Financial Protection Bureau for issuing useful guidance to complement the consumer financial laws it enforces,” Day said in a statement released by ALTA
. “Having the CFPB provide more clarity to regulations, such as the Real Estate Settlement Procedures Act (RESPA), allows ALTA members to better serve consumers and deliver peace of mind to homebuyers every day. Regulations create the rules of the road for consumers and business, and when everyone understands the guidelines, markets operate more efficiently.”
Several other industry groups, in addition to ALTA, have given their support to the GUIDE Act including the Mortgage Bankers Association, the National Association of Mortgage Brokers and the National Association of Home Builders. We’ll be sure to keep you updated on future progress of the GUIDE Act. Contact Knight Barry Title with any specific questions you have about the legislation. If you are so inclined, communicate your support for the GUIDE Compliance Act to your local Congressional delegation by joining the Title Action Network at www.titleactionnetwork.com
for free today. If you’re in Rep. Duffy’s district, please thank him too!