August 5, 2020

In This Issue:

  • TLTA Regulatory Committee Chair Roland Love's RIN 101 Primer Published in Texas Bankers Association Newsletter
  • TDI Quarterly Audit Results Published
  • Analysis: The Texas Legislature Can Meet for Up to 140 Days. The Pandemic Raises a Question: Should It?
  • FinCEN Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic
  • Three of the Top Educational Sessions From Our 2020 Virtual Annual Conference Now Available On-Demand (Escrow Hours Available)

TLTA Regulatory Committee Chair Roland Love's RIN 101 Primer Published in Texas Bankers Association Newsletter

Texas Land Title Association | Aug. 5, 2020
The Texas Bankers Association published in their newsletter an article by TLTA Regulatory Committee Chair Roland Love explaining the temporary use of Remote Ink Notarization (RIN) in Texas. With this education effort, Roland’s article encourages the lending community to embrace RIN as an acceptable means for closing transactions in order to enhance the safety of our community, including both closing professionals and consumers.
 
The following infographic accompanied the article:
 
 

 
 
Read the Article Published in the Texas Bankers Association Newsletter »
 
 

TDI Quarterly Audit Results Published

Texas Department of Insurance | July 27, 2020
The following is a summary of recent TDI audits, violations and enforcement actions from March through May 2020. Read TDI's complete summary of operations for the quarter, or read the key statistics below. 
 
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 54 audits.
 
Commissioner Orders: This quarter, TDI signed 0 Commissioner Orders. As of this report, 40 cases remain active and under investigation.
 
Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in May. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
 
Number of Agencies
Category
Description
39
Texas Insurance Code
Section 2702.053 - Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
35
Escrow Accounting
Outstanding checks not cleared timely
30
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on the commitment
28
Minimum Escrow Accounting Procedures and Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence
21
Procedural Rules
P-73: Failure to prepare/maintain form T-64 (TD) when CD used

Read More »

Analysis: The Texas Legislature Can Meet for Up to 140 Days. The Pandemic Raises a Question: Should It?

Texas Tribune | Aug. 5, 2020
TLTA EDITOR'S NOTE: The following analysis was published by Ross Ramsey of the Texas Tribune
 
Clear plexiglass shields have been installed in some places in the Texas Capitol, like the big room where the House Appropriations Committee writes budgets. Lawmakers who write the state’s budget will have the same protection from their colleagues and staffers that up to now has been used mostly to shield buffet salads and deli meats.

Sneeze screens.

Conversations about how to legislate during a pandemic have animated lawmakers since the new coronavirus reared its head in Texas earlier this year.

The budgets they churn out are on the must-do list. Money makes the wheels turn, keeping the government going for the next three years or so. The census is expected to be late, and that’s needed for the redrawing of the state’s political districts, another must-do item for the 87th Legislature.

That’s why Lt. Gov. Dan Patrick said last week that he’s telling senators not to plan any vacations next year before the end of September. He’s saying there will be special sessions on redistricting and that they could take all summer. Under non-pandemic conditions, he and other state leaders would at least be pretending new political maps could be turned out during the regular session.

There are always a few things — not as many as campaigning politicians promise — that have to be done right away. But other normal and regular functions of the Legislature — most of them, honestly — can probably wait.
 
Read More »
 

FinCEN Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic

U.S. Treasury | July 30, 2020
This advisory addresses the primary means by which cybercriminals and malicious state actors are increasingly exploiting the COVID-19 pandemic in cyber-enabled crime through malware and phishing schemes, extortion, business email compromise (BEC) fraud, and exploitation of remote applications, especially against financial and healthcare systems.
 
FinCEN has identified the following red flag indicators of COVID-19 cyber-enabled crimes to assist financial institutions in detecting, preventing, and reporting suspicious transactions associated with the COVID-19 pandemic.
 
Read More »
 

Three of the Top Educational Sessions From Our 2020 Virtual Annual Conference Now Available On-Demand (Escrow Hours Available)

Texas Land Title Association | Aug. 5, 2020
Three of the top educational sessions presented by entertaining and outstanding experts were recorded during our virtual annual conference last month and are now available on-demand. Each session carries one hour of escrow credit. If you attended these sessions during conference and already applied for CE hours, you are not eligible to receive additional CE credits:
 
Managing A Great Title Agency in Not-So-Great Times (1 hr Escrow Credit)
Conducting Closings in a COVID World and Beyond (1 hr Escrow Credit)
Top 10 Foreclosure and Bankruptcy Traps (1 hr Escrow Credit)
 
Review TLTA's reporting procedures for escrow officer CE credit » 

Our library of more than 80 On-Demand webinars and videos covers the title industry topics you need to earn continuing education hours and stay ahead of the curve on the latest industry trends! Check out these new additions to our on-demand library, which were recorded during the 2020 Virtual Annual Conference and Business Meeting:


Review TLTA's reporting procedures for escrow officer CE credit »