January 20, 2021
In This Issue:
- TLTA Legislative Update
- Other Advocacy Updates from TLTA
- Biden Nominates Rohit Chopra to Head CFPB
- SBA Re-Opened PPP to All Lenders Tuesday
- FHFA Extends Relaxed Appraisal, Lending Standards
TLTA Legislative Update
TLTA | Jan. 20, 2021
The 87th Session of the Texas Legislature is in motion, and it's already shaping up to be a session unlike any session our industry has seen before. If you want to learn more about the unique challenges facing the current Texas Legislature, including the state's response to COVID-19, redistricting, and a challenging budget cycle, be sure to attend the upcoming installment of our Town Hall Insights Series Feb. 2, during which Evan Smith of the Texas Tribune will help us make sense of the legislative session ahead. You can RSVP now
for Evan's presentation.
The Texas House and Senate have adopted their rules, including special rules related to coronavirus protocols. Notably, both chambers are requiring public testimony to be delivered in person
, although there are special exceptions that allow invited testimony to be delivered remotely.
The Texas Senate has named committee
s. We are pleased to report that Sen. Kelly Hancock has retained his chairmanship of the Senate Business and Commerce Committee. Chairman Hancock oversaw some key industry legislation last session, and he recently provided TLTA's Board of Directors insights regarding what we can expect from the legislative session.
The Capitol has been closed for several days due to security concerns
related to the inauguration, but it is expected to reopen as early as tomorrow.
Both chambers are adjourned until Jan. 26.
TLTA's legislative priorities
Our legislative priorities
for the 87th Legislative Session were approved by TLTA's Board of Directors
as recommended by our Legislative Committee
, which is chaired by Steve Streiff.
Bills we are monitoring
We are currently tracking the following bills of interest
Questions about TLTA's legislative process and how you can get involved?
Learn More About TLTA's Legislative Process and How You Can Get Involved »
Other Advocacy Updates from TLTA
TLTA | Jan. 20, 2021
TLTA's Regulatory Committee and Board review proposed changes to Basic Manual
TLTA's Board of Directors met Thursday, Jan. 14 to review and finalize drafts of proposed changes to the Basic Manual. These rulemaking proposals will eventually be officially submitted to TDI with a request for a hearing and are the result of many hours of work by our Regulatory Committee, which is chaired by Roland Love.
We’ll update you in more detail as these proposals begin to move through the rulemaking process.
Making Sense of the 87th Texas Legislature - RSVP NOW
Evan Smith, CEO and co-founder of the Texas Tribune, is a perennial favorite during our annual conference, and he's agreed to join us for the upcoming installment of our Town Hall Insights Series on Feb. 2.
Evan Smith, CEO and co-founder, Texas Tribune
Making Sense of the 87th Texas Legislature
Politics and Policy In a Year Like No Other
Tuesday, Feb. 2, 2021 at 2 p.m.
RSVP Now »
As our marketplace continues to be rocked by the pandemic, political turmoil, social change and more, Evan will help us make sense of the impacts of that turmoil on the Texas Legislature, our regulatory environment, and the Texans we serve.
All Town Hall Insights Series sessions are available to all TLTA members free of charge.
RSVP Now for the Feb. 2 Town Hall »
Submit a Question for Evan Smith »
Biden Nominates Rohit Chopra to Head CFPB
HousingWire | Jan. 18, 2021
President-elect Joe Biden announced several appointments Monday, including FTC Commissioner Rohit Chopra to head the Consumer Financial Protection Bureau.
Chopra is a CFPB veteran, having previously served as assistant director, where he was the bureau’s top student loan watchdog. In 2011, the Secretary of the Treasury appointed him to serve as the CFPB’s student loan ombudsman, a new position established in the financial reform law. As one of Sen. Elizabeth Warren’s, D-Mass., first hires as she constructed the CFPB, Chopra was on the ground floor as the bureau was built. He has also served as special advisor at the U.S. Department of Education.
Chopra was confirmed unanimously by the Senate in 2018 for his current position at the FTC, where he pushed for aggressive remedies against lawbreaking companies.
Read More »
ICYMI: CFPB isssued two rules this week
Final Rule on the Role of Supervisory Guidance »
Rule on Higher-Priced Mortgage Loan Escrow Exemption »
SBA Re-Opened PPP to All Lenders Tuesday
Forbes | Jan. 19, 2021
The SBA and the Treasury Department fully re-open the Paycheck Protection Program (PPP) loan portal on Tuesday, Jan. 19, 2021, to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
The program was made available early last the week to provide PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
The next step in the progression was to allow PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15. By approaching the opening in this manner, the SBA continues its emphasis on reaching smaller lenders, which typically service smaller borrowers. These lenders included approximately 5,000 community banks, credit unions, and farm credit institutions. Further, the agency also plans to continue having dedicated service hours for smaller lenders even after the portal fully re-opens.
Read More »
FHFA Extends Relaxed Appraisal, Lending Standards
HousingWire | Jan. 14, 2021
The Federal Housing Finance Agency (FHFA) announced on Thursday it has extended relaxed lending and appraisal standards put in place due to COVID-19 another month for both Fannie Mae and Freddie Mac.
The flexibilities surrounding alternative verifications of employment and appraisals were originally set to expire on Jan. 31, 2021, however, the government entity is now pushing that back to at least Feb. 28, 2021.
Read More »
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