June 20, 2018


In This Issue:

  • TRID Improvement Act Addressing Simultaneous Issue Disclosure Included in Financial Services Appropriations Bill
  • President Trump Nominates Kathy Kraninger to Head CFPB
  • CFPB Abandons PHH Case
  • Mulvaney Effectively Fires CFPB Advisory Council
  • State Sen. Konni Burton Delivers District Update to TLTA-Hosted Gathering of Title Professionals
  • TDI Commissioner, Industry Experts and Other Luminaries Address More Than 500 Attendees at TLTA's Annual Conference

TRID Improvement Act Addressing Simultaneous Issue Disclosure Included in Financial Services Appropriations Bill

ALTA | June 13, 2018
Late on Wednesday, the House Appropriations Committee approved the FY19 Financial Services General Government Appropriations Act. The bill passed on a 28-20 party-line vote.

The $23.4 billion measure provides spending authorization for the Treasury Department, the Executive Office of the President, the Judiciary, the District of Columbia and independent federal agencies. As is common in appropriations bills, it also includes a number of policy riders. Traditionally, government funding bills have been must-pass pieces of legislation. Typically, riders included on this type of bill are either narrow and non-controversial or those that would not be likely to be filibustered.

The TRID Improvement Act of 2018 (H.R. 5078, S.2490) was included as a rider in the appropriations bill. The bill would allow the accurate disclosure of title insurance premiums. It passed the House unanimously in February 2018.

Also included in the package are other more controversial provisions such as one that would subject the Bureau to the congressional appropriations process starting in 2020. The Mortgage Choice Act is also included in the package. 
 

President Trump Nominates Kathy Kraninger to Head CFPB

Politico | June 16, 2018
President Donald Trump selected Kathy Kraninger, a little-known White House budget official, as the next director of the Consumer Financial Protection Bureau, setting up what is likely to be a bruising battle in Congress over the controversial young agency.
 
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CFPB Abandons PHH Case

HousingWire | June 7, 2018
The Consumer Financial Protection Bureau moved Thursday to dismiss its case against PHH, a remarkable turnaround that crystallizes the differences between former CFPB Director Richard Cordray and current Acting Director Mick Mulvaney.

The case all started back in 2015 when Cordray tacked a $103 million increase onto a $6 million fine initially levied against PHH for allegedly illegally referring consumers to mortgage insurers in exchange for kickbacks.
 
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Mulvaney Effectively Fires CFPB Advisory Council

NPR | June 6, 2018
The Consumer Financial Protection Bureau continues to come under fire by the man running the watchdog agency — Mick Mulvaney, the interim director appointed by President Trump.

In his latest action, Mulvaney moved on Wednesday to effectively dismantle the agency's consumer advisory council. "It's quite clear that we've been fired," said Kathleen Engel, a law professor at Suffolk University and a member of the CFPB's Consumer Advisory Board.
 
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State Sen. Konni Burton Delivers District Update to TLTA-Hosted Gathering of Title Professionals

TLTA | June 8, 2018
Tarrant County-area title professionals left their desks and gathered to hear State Sen. Konni Burton deliver a district update at Joe T. Garcia's Restaurant on June 7.
 
The meet-and-greet-style event was crowded with title agents and escrow officers eager to learn more about issues facing their senate district. 


(State Sen. Konni Burton addresses Tarrant County-area title professionals)
 

(Shea Place, Chris Phillips, State Sen. Konni Burton and Aaron Day)

TDI Commissioner, Industry Experts and Other Luminaries Address More Than 500 Attendees at TLTA's Annual Conference

TLTA | June 14, 2018
TLTA's Annual Conference and Business Meeting was held in Austin June 11-13. The 3-day event featured nationally celebrated speakers and industry experts who shared insights and ideas on industry trends, regulatory developments, leadership and the impact of technology on title insurance industry businesses. 
 

(TDI Commissioner Kent Sullivan Explains His Plain Language Campaign at TLTA Annual Conference)
 
Surrounded by discussion regarding the importance of protecting Texans' property rights, conference activities included honoring Sen. Dawn Buckingham and state Rep. Tom Oliverson, who received Outstanding Legislator Awards.  
 
This year's conference program was TLTA's most robust collection of innovators and thought leaders to-date. Conference attendees engaged the event's top-tier speakers, asking questions and sharing ideas regarding innovations and efficiencies for their businesses—as well as taking advantage TLTA's second-to-none networking opportunities, which continue to set the bar for the title insurance industry.    
 
Be sure to mark your calendar for TLTA's 2019 conference, which will be held at the Hyatt Regency Lost Pines Resort and Spa June 10-12, 2019.
 
See More Photos of the 2018 TLTA Annual Conference and Business Meeting »