July 22, 2020

In This Issue:

  • SURVEY: Here’s Your Chance to Tell CFPB Why the Disclosure of Title Insurance Rates Is so Confusing on the Closing Disclosure
  • Email Exchanged by Offices of Governor and State's Attorney General Confirm Indefinite Extension of RIN Through End of COVID-19 Emergency Declaration
  • ICYMI: Results for Primary Runoff Elections, SD 14 Special Election
  • CFPB Announces New Supervisory and Enforcement Priorities in Light of COVID-19 Pandemic

SURVEY: Here’s Your Chance to Tell CFPB Why the Disclosure of Title Insurance Rates Is so Confusing on the Closing Disclosure

TLTA | July 20, 2020
Complete Our Quick, 3-Question Survey »
 
Recently, TLTA representatives had a phone call with the staff from the Consumer Financial Protection Bureau (CFPB). The purpose of the call was to share our ongoing concerns with the way title insurance rates are required to be disclosed on the Closing Disclosure (CD) when there is a simultaneous issue rate involved.  
 
CFPB staff was very interested in the concerns and the confusion this can cause for consumers, as well as extra work it creates for title agents, who have to explain and help complete a separate form to properly disclose. CFPB staff requested that we supply them with some data, and that’s where we need your help. Please help us gather the information they need to consider a change in the form by answering these few short questions.  
 
We understand you may not have hard data and don’t expect you to compile any to complete this survey – please simply answer these three quick questions with your best estimate.
 

Email Exchanged by Offices of Governor and State's Attorney General Confirm Extension of RIN Through End of COVID-19 Emergency Declaration

TLTA | July 17, 2020
On Tuesday, June 30, Gov. Greg Abbott's office informed us that they had granted our request for an indefinite extension of the emergency executive action that allows the temporary use of Remote Ink Notarization (RIN) in Texas through the end of the COVID-19 disaster declaration. We have since received an email exchanged by the offices of the governor and the state's attorney general confirming the extension is valid until the COVID-19 disaster declaration is lifted.

This is the second extension of the governor's emergency RIN order. Formal notice of the first extension was published by the Secretary of State on June 9, some time after the Governor's office alerted us that the first extension was approved and had taken effect. As the volume of work at the state offices handling Texas' response to COVID-19 remains high, it may be some time before the Secretary of State is able to publish notice of the most recent extension of the use of RIN in Texas.

Learn More About the Temporary Use of RIN in Texas »
 

ICYMI: Results for Primary Runoff Elections, SD 14 Special Election

TLTA | July 17, 2020
More than one million Texans voted in the primary runoff elections last week. As we prepare for the 87th Session of the Texas Legislature, which will convene in January 2021, we continue to monitor election activities and election results that could impact our industry's legislative priorities.

Four incumbent Texas legislators were defeated in last week's primary runoffs elections:
  • Rep. Lorraine Birabil (D-Dallas) lost to Jasmine Crockett
  • Rep. Anna Eastman (D-Houston) lost to Penny Shaw
  • Rep. Dan Flynn (R-Van) lost to Bryan Slaton
  • Rep. J.D. Sheffield (R-Gatesville) lost to Shelby Slawson
Other legislative incumbents were engaged in elections that could impact the next legislative session:
  • Rep. Roland Gutierrez (D-San Antonio) won the Democratic nomination to face Sen. Pete Flores (R-Pleasanton) in November.
  • Sen. Eddie Lucio Jr. (D-Brownsville) and Rep. Harold Dutton (D-Houston) survived their runoff challenges. 
  • Sen. Royce West (D-Dallas) will remain in the Texas Senate after losing the runoff to M.J. Hegar. Hegar will face U.S. Sen. Cornyn in November.
In the special election to replace state Sen. Kirk Watson, Rep. Eddie Rodriguez (D-Austin) is headed to a runoff against former Travis County Judge Sarah Eckhardt.

All Runoff and Special Elections Results »

If you have questions about the results of last week's primary runoff and special elections, please contact Aaron Day.
 

CFPB Announces New Supervisory and Enforcement Priorities in Light of COVID-19 Pandemic

National Law Review | July 17, 2020
On July 16, 2020, the Consumer Financial Protection Bureau hosted a webinar outlining, for the first time, the CFPB’s supervisory and enforcement priorities in light of the coronavirus pandemic. Of note, the CFPB announced that it has de-prioritized a good portion of the agency’s existing exam schedule to conduct “prioritized assessments” focused on (i) consumers having trouble making loan payments, and (ii) markets where Congress provided special borrower protections under the CARES Act. These include residential mortgage servicing, student loan servicing, auto loan servicing, consumer reporting and furnishing, and collections. The CFPB also stated that it plans to assess financial institutions’ implementation of the Paycheck Protection Program for fair lending compliance.
 
Read More »
  

In addition to the live webinars listed below, you have access to our library of more than 80 On-Demand webinars and videos covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!