Nov. 28, 2017

CFPB News: Showdown Over Top Post at CFPB

CNN | Nov. 27, 2017
A showdown over the leadership of a major consumer fraud protection agency was underway Monday morning, as both President Donald Trump's pick to lead the Consumer Financial Protection Bureau and the person tapped by its former director showed up to work.
Sunday night, lawyers for Leandra English, whom Richard Cordray named the effective acting director when he resigned on Friday, filed a lawsuit in the U.S. District Court for the District of Columbia seeking to halt the appointment of Mick Mulvaney, who serves as head of the Office of Management and Budget and is also named in the lawsuit.
English's move marked a stunning turn of events at the agency, which was created after the financial crisis to protect consumers and keep an eye on Wall Street. While serving in Congress, Mulvaney voted in favor of killing the bureau, arguing it has too much power and issues unduly harsh regulations, and he has worked alongside Trump to roll back some of the agency's rules.
According to ALTA's Michelle Korsmo, "Until this battle for power is settled, it could hinder the ability of the CFPB to do its job. Under the Federal Vacancies Reform Act, actions taken by an incorrectly authorized acting leader are invalid, void and cannot be ratified later. This means that before the agency takes an enforcement action or issues a new regulation, both English and Mulvaney will need to sign off. Additionally, any reforms at the CFPB or actions by the CFPB will likely be mired in courts until a new director is nominated and approved by the Senate or the court process is complete."
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TTIGA News: Policy Guarantee Fee Suspended as of Jan. 1

Texas Land Title Association | Nov. 28, 2017
In anticipation of the Commissioner of Insurance's issuance of an order to begin collecting a Guaranty Assessment Recoupment Charge (GARC) fee on insurance policies, TTIGA has suspended the collection of the Policy Guaranty Fee effective Jan. 1. Agents will be collecting only the GARC fee in 2018. TTIGA will send a notice to all agents with complete details in the coming days. 

TDI News: GARC Order Expected Any Day

Texas Land Title Association | Nov. 28, 2017
As we have previously reported, the Texas Department of Insurance is expected to issue a Commissioner's order requiring all Texas title agents to collect a GARC fee on each owner and lender title insurance policy issued in the state beginning around Jan. 1, 2018. TLTA will send a Breaking News report with complete details, including the GARC fee amount, as soon as the order is issued.

PHH vs. CFPB Case News: Cordray Won't Be Around to See the Outcome of the Case

HousingWire | Nov. 21, 2017
With CFPB director Richard Cordray only a handful of days away from officially leaving his position, the director probably won’t be around to see the outcome of the controversial PHH vs. CFPB case.

The case questions whether the structure of the CFPB is unconstitutional, with PHH arguing that the bureau’s director has too much power and that the bureau operates without supervision or oversight.

However, the drawn-out battle between the two sides has yet to come to an end, meaning Cordray will likely be gone from the bureau before a decision is made, a decision that might have unseated him as director anyway.
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Cyber Fraud News: Last Chance to Register for TLTA's Cyber Crime Prevention Update

Texas Land Title Association | Nov. 28. 2017
Did you realize that cyber fraud is the number one threat to the title industry? Are you experiencing weekly or even daily cyber threats by email? Has your company suffered a loss because of cyber fraud? Do you want to know how you can protect against these growing threats?
If you answered "Yes" to any of these questions, please don't miss TLTA's Cyber Crime Prevention Update - Scams, Schemes and Your Security on Wednesday, Dec. 6 at the Hyatt Hill Country Resort in San Antonio. You'll hear about the newest schemes and scams, how to spot red flags, what kind of insurance you need and what you can do to protect your company. 
Learn More and Register Today »

TLTA is scheduling more live webinars for fall and winter 2017. Register now, or explore the On-Demand webinar library today!