February 8, 2017

Trump Signs Executive Order Requiring Dodd-Frank Review

By James. E. Hyland, Esq.
The Pennsylvania Avenue Group and TLTA Federal Legislative Counsel
Feb. 8, 2017

Last Friday, Donald Trump unveiled a sweeping executive order to reduce or reform financial regulations. In many respects, this will be his administration's attempt to roll back Dodd-Frank rules. The president called the law a "disaster" just the previous day. He noted in a meeting with business leaders that many good companies cannot get financing because of the law.


The order laid out the core principles of his administration when it comes to financial regulation.
 
Read More »
 
Read Washington Post Article about Dodd-Frank Rollback »


Read the Full Text of the Executive Order »

Gov. Abbott Reappoints Mattax As Commissioner of Insurance

Office of the Governor | Feb. 1, 2017

Gov. Greg Abbott has reappointed David Mattax as the Commissioner of Insurance for a term to expire Feb. 1, 2019.
 
David Mattax of Austin has served as Commissioner of Insurance since Jan. 12, 2015. Previously, he served as deputy attorney general for defense litigation, past director of defense litigation and past chief of the financial litigation division for the Texas Attorney General's Office. He is a member of the State Bar of Texas and is admitted to practice before the Texas Federal District Courts, 4th and 5th Circuit U.S. Courts of Appeals and U.S. Supreme Court. He is past co-chair of the Amos Commission and a past board of trustees member of University United Methodist Church. Mattax received a Bachelor of Arts, Bachelor of Science and a Juris Doctor from The University of Texas at Austin.
 
Read the Press Release »

Mortgage Lender Fined $3.5 Million for Kickback Scheme 

CNN Money | Jan. 31, 2017

A major mortgage lender has been fined $3.5 million for allegedly using kickbacks to drum up business.
 
The CFPB said that between 2011 and 2016, Prospect Mortgage was making illegal payments to real estate brokers in exchange for mortgage origination referrals.
 
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Read the CFPB Press Release »

Senate Republicans Unveil Bill to Replace CFPB Director With Committee

HousingWire | Feb. 1, 2017

While the CFPB, with the support of top Democratic party leaders and 17 Democratic state attorneys general, is fighting in court to defend its leadership structure, a Republican-led effort in the Senate could render the legal battle over the bureau a moot point.
 
On Tuesday, Sens. Deb Fischer (R-Nebraska), John Barrasso (R-Wyoming) and Ron Johnson (R-Wisconsin) introduced a bill that would replace the single director of the CFPB with a five-member bipartisan committee, a change the Republican party has long pushed for.
 
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Fannie Mae-Freddie Mac Should Be Utilities, Trade Group Says 

Bloomberg | Jan. 31, 2017

A powerful housing trade group is wasting no time in pushing the Trump administration and Republican-led Congress to address one of the last unresolved issues from the financial crisis, outlining a proposal to overhaul mortgage finance giants Fannie Mae and Freddie Mac.
 
The Mortgage Bankers Association plan would make Fannie and Freddie privately-owned utilities and cap their returns on capital. It would also turn the government’s implicit backstop of the companies into an explicit guarantee of the mortgage-backed securities they sell to investors.
 
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Here’s the Confusion Around Independent Agencies Under Trump's New Actions 

HousingWire | Jan. 31, 2017

Donald Trump recently signed a presidential memorandum and executive order that significantly impact the future of regulations across all industries.
 
But for housing specifically, there’s a major catch. The two new actions do not apply to independent agencies.
 
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TLTA is scheduling several live webinars for spring 2017. Register now, or reserve your On-Demand version today!

Credit When Credit Is Due (Wednesday, Feb. 15)
Unclaimed Property: Trial Balances and Dormant Funds (Friday, Feb. 17)
TAR Commercial Contract Forms (Tuesday, March 7)
1031 Exchange (Wednesday, March 8)
Decedents' Estates (Thursday, March 16)
The Long and Short of It (Wednesday, March 22)
Foreclosures (Thursday, April 20)