April 14, 2021

In This Issue:

  • TLTA Legislative Update
  • Other Advocacy Updates From TLTA: Virtual Town Hall Tomorrow
  • GSEs Won’t Buy QM Loans Under GSE Patch after July 1
  • FinCEN and Federal Banking Agencies Issue Request for Information on Bank Secrecy Act/Anti-Money Laundering Compliance Models

TLTA Legislative Update

TLTA | April 14, 2021

We are pleased to introduce our new Master Legislative Tracking List and Action Report, which includes updates on the bills TLTA is trying to pass this session, updates regarding other bills on which TLTA's Board of Directors has taken positions, as well as a link to the larger list of more than 150 bills on which we are working this session. Click the image to access this helpful new tool:
 

 
 
SB 885, our Quitclaim Bill, was heard by the Senate State Affairs Committee this week, and Roland Love, chair of TLTA's Regulatory Committee testified in support of the bill. A committee substitute containing clean-ups on which we worked with the bill author, including a change to ensure this statutory language cannot be used in the context of adverse possession, was adopted and approved by the committee. The Senate Floor is the next step in the legislative process.
 
In last week's update we reported that HB 3115, our Homestead Certainty Bill, was left pending following the House Business and Industry Committee hearing. The committee met again late last week and approved HB 3115, which must now go to the House Calendars Committee before it can be sent to the House floor.
 
Only 46 days remain in the 87th Legislative Session, but special sessions are expected due to redistricting and other issues. 
 

Bills TLTA Is Trying to Pass

The bills TLTA is trying to pass during the 87th Legislative Session were approved by TLTA's Board of Directors as recommended by our Legislative Committee, which is chaired by Steve Streiff. TLTA is seeking passage of two statutory changes that would improve real estate transactions: In addition to the bills we are trying to pass listed above, you can review our broader Master Legislative Tracking List and Action Report, which includes other bills on which TLTA's Board has taken positions, as well as a link to a list of the more than 150 bills we are working this session. We have been actively addressing concerns and seeking improvements to these bills to avoid unintended consequences and preserve our daily functions as title agents and underwriters.

Other Advocacy Updates From TLTA: Virtual Town Hall Tomorrow 

TLTA | April 14, 2021
The decisions made by our state and federal governments have real and lasting impacts for our regulated industry. If you're having trouble keeping up with all of it, you're not alone. That's why we're gathering three of the talented professionals working the legislative process on our industry's behalf for a special installment of our Town Hall Insights Series tomorrow, Thursday, April 15.
 
Get a first-hand look at the inner workings of the capitol buildings in Austin and D.C. from industry insiders who will provide perspectives and insights to help you prepare your business for any legislative or regulatory changes ahead. You won't want to miss this complimentary, TLTA members-only event, so RSVP now. 
 
 
Politics and the Legislative Landscape From Austin to D.C. – What It Means for the Title Industry
Tomorrow, Thursday, April 15, 2021 - 2 p.m. CDT
 
RSVP for Tomorrow's Complimentary, TLTA Members-Only Event Now
 
Federal Perspective  

Chris Morton, Senior Vice President of Public Affairs, American Land Title Association (ALTA)
The first hundred days of the new administration – what does it mean for the title insurance industry

State Perspectives  

Aaron Day, Director of Government Affairs and Counsel, Texas Land Title Association (TLTA)
On the ground insights from the 87th Session of the Texas Legislature in progress now


Steve Streiff, Chair, TLTA Legislative Committee 
TLTA's affirmative legislative agenda: Bills TLTA is working to pass during the 87th Session of the Texas Legislature

RSVP for Tomorrow's Complimentary, TLTA Members-Only Event Now »
Submit a Question for the Town Hall Panelists »
 

GSEs Won’t Buy QM Loans Under GSE Patch after July 1

HousingWire | April 9, 2021
In Lender Letters issued on Thursday, Fannie Mae and Freddie Mac confirmed that loans purchased by the GSEs with application dates on and after July 1, 2021, must meet the standards of the Consumer Financial Protection Bureau’s Revised Qualified Mortgage Rule.

In the letters, the two government sponsored enterprises state that they will follow the directive laid out in their amended Preferred Stock Purchase Agreements with the Treasury Department, which forbid Fannie and Freddie from buying QM loans under the GSE Patch.

The guidelines in the letters stand in contrast to the CFPB’s most recent notice of proposed rulemaking, which seeks to delay the date lenders have to comply with the revised QM rule until October 1, 2022.
 
Read More »
 

FinCEN and Federal Banking Agencies Issue Request for Information on Bank Secrecy Act/Anti-Money Laundering Compliance Models

U.S. Treasury | March 30, 2021
The Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies (the “agencies”) are issuing a request for information on the extent to which the principles discussed in today’s “Supervisory Guidance on Model Risk Management” support compliance by banks with Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control requirements. The agencies are seeking comments and information to better understand bank practices and determine whether additional explanation or clarification may be helpful.

Read More »
Read the Request for Information » 

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