May 30, 2018
In This Issue:
- TLTA Delegation Travels to D.C. for ALTA Advocacy Summit 2018
- Congressman French Hill at ALTA Advocacy Summit: Telling Our Story, Dodd-Frank Regulatory Relief Bill and TRID Improvement Act
- 9 Provisions of Dodd-Frank Reform Bill Signed by President Trump
- Insurance Commissioner’s Plain Language Campaign: Keep it Simple
- Opinion: Digital Mortgage Era Requires New Approach to Tech Collaboration
TLTA Delegation Travels to D.C. for ALTA Advocacy Summit 2018
TLTA | May 29, 2018
(From Left to Right: Tara Smith, Troy Greenmayre, Brian Pitman, Patrick Beall, Mary Thomas, Randy Lee, Leslie Midgley, Lori Cordell, Chris Phillips, Dan Foster, Celia Flowers, Phyllis Mulder)
A delegation of TLTA members attended the American Land Title Association Advocacy Summit 2018, which was held in Washington, D.C. May 21-23.
ALTA's program included meetings with other state land title associations, a keynote from CFPB's Interim Director Mick Mulvaney, and numerous updates on federal issues. Our TLTA delegation held 14 different meetings on the Hill with members of Congress and their staffs, including Congressman Al Green (ranking member of the House Financial Services Committee), Congressman Roger Williams, Congressman Jodey Arrington and others.
When asked how our congressional delegation can help TLTA accomplish our goals, we kept it simple:
- Support legislation to fix the simultaneous issue conflict with TRID
- Support passage of the GUIDE Compliance Act
Additionally, TLTA members met with key staff at the Consumer Financial Protection Bureau (CFPB). In addition to introducing TLTA to the new leadership within the agency, we discussed the simultaneous issue problem, as well as how best the industry can engage in the CFPB’s request for information process that is underway.
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Congressman French Hill at ALTA Advocacy Summit: Telling Our Story, Dodd-Frank Regulatory Relief Bill and TRID Improvement Act
ALTA | May 24, 2018
Speaking to more than 225 attendees during the 2018 ALTA Advocacy Summit, U.S. Rep. French Hill (R-Ark.) explained why it's important for members of Congress to hear stories from title professionals telling how they protect property rights for consumers.
“Your story matters,” Hill said. “It’s the stories that take an arcane topic and make it relevant to members of Congress because it shows how their constituents are affected.”
Hill complimented U.S. Sen. Mike Crapo, chairman of the Senate Banking Committee, for his effort in getting Congress to pass S.2155, a bill that rolls back some of the regulations of the 2010 Dodd-Frank Act. The House passed the bill by a bipartisan vote of 258 to 159. President Trump signed the bill into law on May 24.
“The regulatory relief bill was the product of compromise,” said Hill, who voted for the bill. “(Mike) Crapo did an outstanding job crafting a bill that changes Dodd-Frank in a positive way.”
Several bills were rolled into Crapo’s bill except for Hill’s sponsored The TRID Improvement Act (H.R. 3978), which would amend the Real Estate Settlement Procedures Act (RESPA) to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and discounts to homebuyers. The House passed H.R. 3978 by a vote of 269-143, but it was not included in Crapo’s bill.
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9 Provisions of Dodd-Frank Reform Bill Signed by President Trump
American Banker | May 24, 2018
With the stroke of a pen, President Donald Trump enacted a regulatory relief bill on Thursday, a law that will make the most significant changes to the Dodd-Frank Act since it passed in 2010.
For much of the media, the focus has been on the law's biggest measure, a provision that would raise the "systemically important financial institution" threshold for banks to $250 billion from $50 billion. (The law immediately raises it to $100 billion, and regulators will look at the next asset tier over the next 18 months to see if any of those institutions should be considered SIFIs.)
Most of the bill, however, is aimed not at helping those large regional banks, but banks and credit unions with less than $10 billion of assets. Those provisions, which are far less controversial, have received much less press. But they may total up to a big impact for community banks.
(NOTE: The TRID simultaneous issue fix was not included in this legislation.)
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Insurance Commissioner’s Plain Language Campaign: Keep it Simple
TDI | May 23, 2018
Imagine if you could go to an insurance website and understand every word. Or you could always find what you needed to solve a problem because it was written in short, clear sentences. Sound good?
Texas Insurance Commissioner Kent Sullivan is working to make that a reality.
Sullivan is a plain language champion, and his message is taking hold at the Texas Department of Insurance. It’s unlikely TDI can get rid of terms like “contingent nonforfeiture benefit” overnight, but the agency is making headway.
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Opinion: Digital Mortgage Era Requires New Approach to Tech Collaboration
Henry Cason, Bloomberg | May 29, 2018
"If you build it, they will come" was an assumption that worked out well in the movie "Field of Dreams," but it's not an assumption we make here at Fannie Mae when delivering technological innovation in the mortgage finance industry. At Fannie Mae, we want to be sure that if we build a product, customers will actually use it.
So, we are asking our customers to help us innovate.
A large part of my job as head of Fannie Mae's Digital Products team is nurturing an internal culture that fosters innovation through collaboration. Increasingly, that cultural change is being driven by close collaboration with our customers and partners, who are working side by side with us as we develop new technology, products and processes.
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