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H.R. 3978: TRID Improvement Act of 2017

Feb 14, 2018 at 5:04 p.m. ET. On Passage of the Bill in the House.

This was a vote to pass H.R. 3978 (115th) in the House.

H.R. 3978 includes the text of 6 bills, H.R. 3978, the TRID Improvement Act, H.R. 1645, the Fostering Innovation Act of 2017, H.R. 4546, the National Securities Exchange Regulatory Parity Act, H.R. 3948, the Protection of Source Code Act, H.R. 2948, to amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and H.R. 4061, the Financial Stability Oversight Council Improvement Act of 2017. Specifically, the bill does the following:

Title I: TRID Improvement (H.R. 3978)

Title I amends the Real Estate Settlement Procedures Act of 1974 to direct the Consumer Financial Protection Bureau (CFPB) to require mortgage lenders to disclose in the closing documents for mortgages, the discounted rates given to consumers for certain title insurance premiums .

Title II: Protection of Source Code (H.R. 3948)

Title II amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to require the Securities and Exchange Commission (SEC) to first issue a subpoena before it compels a person to produce or furnish to the SEC algorithmic trading source code or similar intellectual property.

Title III: Fostering Innovation (H.R. 1645)

Title III amends Section 404(b) of the Sarbanes-Oxley Act (SOX) to extend the exemption available to emerging growth companies (EGCs) from the auditor attestation of a company’s internal controls over financial reporting requirement beyond the five-year period that applies under current law. Specifically, the Title extends the exemption until the earlier of ten years after the EGC went public, the end of the fiscal year in which the EGC’s average gross revenues exceed $50 million, or when the EGC qualifies with the Securities and Exchange Commission (SEC) as a large accelerated filer, $700 million public float, which is the number of shares available to trade freely between investors that are not controlled by corporate officers or promoters.

Title IV: National Security Exchange Regulatory Parity (H.R. 4546)

Title IV modernizes Section 18 of the Securities Act of 1933 (Securities Act) and eliminates references to specific national securities exchanges. The Title also clarifies that the state ‘‘blue sky’’ exemption shall be available for all securities that qualify for trading in the national market system pursuant to section 11A(2) of the Securities Exchange Act of 1934.

Title V: Eliminating Barriers to Jobs for Loan Originators (H.R. 2948)

Title V amends the Secure and Fair Enforcement (SAFE) Mortgage Licensing Act of 2008 to provide temporary loan-origination authority to an individual who is a registered loan originator that meets specified requirements to continue to originate loans after: (1) moving from a financial institution to a state-licensed non-bank originator, or (2) moving interstate to a state-licensed loan originator in another state.

Title VI: Financial Stability Oversight Council Improvement (H.R. 4061)

Title VI codifies into law the Financial Stability Oversight Council’s transparency and systemically important financial institution (SIFI) designation process improvements, and enable non-bank financial companies to self-cure by carrying out certain de-risking activities prior to being designated SIFIs. By promoting transparency in the SIFI designation process, this legislation will facilitate clearer analysis of the methods that the FSOC uses to assess the unique characteristics of risk associated with the asset management industry.

Source: Republican Policy Committee


All Votes R D
Yea 65%
Nay 35%
Not Voting

Passed. Simple Majority Required. Source:

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