November 4, 2020

In This Issue:

  • Election Update: Makeup of Texas Legislature Largely Unchanged by Outcome of Yesterday's Election
  • Election Update: Congressional Races
  • TLTA Advocacy Update
  • Federal Financial Regulators Propose Rule on Agency Guidance and Enforcement Actions
  • Upcoming Hearings: House Financial Services Committee
  • Early Bird Rate for 2020 Institute Expires Friday – Register Now to Get the Best Deal

Election Update: Makeup of Texas Legislature Largely Unchanged by Outcome of Yesterday's Election

TLTA | Nov. 4, 2020
When the Texas Legislature reconvenes in January 2021, the makeup of the Texas House and Senate will be largely unchanged. While votes are still being counted and election results are not yet final, it looks like party representation in the chambers will look much the same.
Texas House
In the Texas House, incumbent Rep. Sarah Davis (R-Houston) lost her seat, as did incumbent Rep. Gina Calanni (D-Katy). It appears that the races for HDs 66, 112 and 135 may be eligible for recounts, but the incumbents remain in the lead in all three of those races.
Unless there are surprises to be found as the vote count and certification continues, we can expect to have 83 Republicans and 67 Democrats in the Texas House when the Legislature convenes for the 87th Session.

Texas Senate
It appears that Rep. Roland Gutierrez (D-San Antonio) has defeated incumbent Sen. Pete Flores (R-Pleasanton) in Texas Senate District 19, leaving Republicans with an 18 to 13 majority in the Texas Senate. Under current Senate rules, Republicans could not move legislation to the floor without some Democratic support during the upcoming session. 

If you are searching for additional election results, the Texas Tribune has a robust election results tracking platform. As always, if you have questions about the election or the upcoming legislative session, please email Aaron Day, TLTA Director of Government Affairs and Counsel.

Election Update: Congressional Races

James E. Hyland, TLTA Federal Legislative Counsel | Nov. 4, 2020
In the federal elections, Texas will have seven new members due to retirements and departures from the U.S. House. 
U.S. Senate: Senator John Cornyn was re-elected to a fourth term, defeating MJ Hegar.
CD 4: Former Texas state senator and business owner, Pat Fallon, will replace John Ratcliffe, who is now serving as Director of National Intelligence.
CD 11: Retiring Congressman Mike Conaway is being replaced by Air Force pilot August Pfluger. 
CD 13: Dr. Ronny Jackson will replace Mac Thornberry, who is retiring. Congressman-elect Jackson is a Navy veteran and was President Trump’s physician in the White House.   
CD 17: Former Congressman Pete Sessions has been declared the winner for Congressman Bill Flores' seat. Sessions will be returning to Congress after having lost in 2018. 
CD 22: This seat is being vacated by Congressman Pete Olson. Fort Bend Sheriff Troy Nehls holds a small lead in this race and will likely win.   
CD 23: The race to replace retiring Congressman Will Hurd is very close. Democrats nominated Gina Ortiz Jones, who almost won in 2018. She is a former intelligence officer. The Republican is Navy veteran Tony Gonzales. Gonzalez currently holds the lead.
CD 24: This seat is currently held by Congressman Kenny Marchant, who is retiring. The former Mayor of Irvine, Beth Van Duyne, holds a small lead over school board member Candace Valenzuela. This is a close race with a number of outstanding precincts.
The incumbents in CD 7, CD 21 and CD 32 faced tough challenges this cycle but all appear to have won re-election. 

TLTA Advocacy Update

TLTA | Nov. 4, 2020
TLTA Legislative Subcommittees Continue to Meet, Prepare for 87th Session of the Texas Legislature 
Legislative subcommittees operating under TLTA's Legislative Committee, chaired by Steve Streiff, continue to work with TLTA staff to prepare for the upcoming session of the Texas Legislature, which will commence January 2021.
RSVP Now for First Installment of TLTA's Town Hall Insights Series Featuring Texas Comptroller Glenn Hegar on Nov. 16
The TLTA Town Hall Insights Series features the latest, timely info you need to navigate the unprecedented and challenging marketplace we're operating in. Texas Comptroller Glenn Hegar will be our first guest speaker on Nov. 16 at 2 p.m.  
RSVP Now »
Submit a Question for Comptroller Hegar »
All virtual Town Hall sessions are available to all TLTA members free of charge. 

Federal Financial Regulators Propose Rule on Agency Guidance and Enforcement Actions

ALTA | Nov. 2, 2020
On Thursday, the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp., National Credit Union Administration and Federal Reserve issued a notice of proposed rulemaking outlining the role of supervisory guidance. The proposal seeks to codify a joint agency statement published by the regulators in 2018.

Under the proposal, guidance would be interpretive, meaning it would not "have the force and effect of law." The effect of this clarification is to ensure that regulatory guidance cannot serve as the basis for an enforcement action.

The regulation appears consistent with ALTA's long-standing advocacy goal encouraging regulators to issue more explanatory guidance. Then ALTA President Steve Day testified forcefully on the subject during a congressional hearing in 2018.

Comment is due 60 days after it is published in the Federal Register. Because the rule mostly deals with supervision, the questions in the rule mostly ask how bank examiners should use guidance in helping highlight issues with financial institutions.

Upcoming Hearings: U.S. House Financial Services Committee

TLTA | Nov. 4, 2020
The U.S. House Financial Services Committee announced the following upcoming hearings:
Nov. 12 at 12 p.m. ET - The full Committee will convene for a virtual hearing entitled "Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic."
Nov. 19 at 10 a.m. ET - The Subcommittee on Housing, Community Development and Insurance will convene for a virtual hearing entitled "Insuring against a Pandemic: Challenges and Solutions for Policyholders and Insurers." 
Learn More »

Early Bird Rate for 2020 Institute Expires Friday – Register Now to Get the Best Deal

TLTA | Nov. 4, 2020
The early bird rate for our 2020 Texas Land Title Institute  expires this Friday, Nov. 6, so register now to get the best deal on the go-to educational resources for real estate attorneys and advanced title professionals working to master some of our industry's most complicated challenges.

CE hours available for attorneys, title agents, escrow officers, paralegals, legal assistants and real estate brokers. 
Learn More »
Register Now » 

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!