February 2, 2022

In This Issue:

  • TDI Quarterly Audit Results Published
  • Upcoming Webinars From Texas Comptroller on How Financial Institutions Should Handle Unclaimed Property
  • CFPB News
  • Fannie Mae Urges New Flood Disclosures for Homebuyers
  • FDIC and FinCEN Open Registration for Digital Identity Tech Sprint

TDI Quarterly Audit Results Published

TLTA | Feb. 2, 2022
The following is a summary of recent TDI audits, violations and enforcement actions from September through November 2021.    
     
Read TDI's complete summary of operations for the quarter, or review key statistics below.      
      
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 67 audits.      
       
Commissioner Orders: This quarter, TDI signed 1 Commissioner Orders. As of this report, 3 cases remain active and under investigation.      
       
Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in November 2021. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
 
Number of Agencies
Category
Description
37
Abstract Plant
Section 2702.053 - Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
29
Escrow Accounting
Outstanding checks not cleared timely
25
Title Bulletins
Title Bulletin No. 160 - All parties receiving portions of real estate commission not disclosed on settlement statement.
23
Minimum Escrow Accounting Procedures & Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence
22
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment. 


Review the Complete Quarterly Audit Report »
 

Upcoming Webinars From Texas Comptroller on How Financial Institutions Should Handle Unclaimed Property

Texas Comptroller | Feb. 2, 2022
The Comptroller’s office announced the availability of free training webinars in 2022 for holders of unclaimed property. 
 
The webinars will focus on unclaimed property reporting for general business entities, local government agencies (city, county and state), financial institutions (banks and credit unions), oil and gas companies and cooperatives.

Webinars for Financial Institutions
Thursday, March 24, 2022    10 a.m. - noon
Thursday, April 14, 2022      1:30 - 3:30 p.m.
Thursday, May 26, 2022      1:30 - 3:30 p.m.

If you have questions regarding unclaimed property compliance but are unable to attend a webinar, you can contact the Comptroller's office via up.holder@cpa.texas.gov or 800-321-2274, option 2. 
 
Learn More »
Register for the Webinar(s) » 

CFPB News

CFPB Increases Civil Penalty for Certain RESPA Violations

ALTA | Jan. 21, 2022
 
The Consumer Financial Protection Bureau (CFPB) announced it increased the maximum of each civil penalty under its jurisdiction, including the section of the Real Estate Settlement Procedures Act (RESPA) that addresses advance deposits in escrow accounts.

The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The inflation adjustments mandated by the Inflation Adjustment Act serve to maintain the deterrent effect of civil penalties and to promote compliance with the law.

The new rule went into effect Jan. 15.
 
Read More »
Read CFPB's Announcement »
 

CFPB Launches Initiative to Save Americans Billions in Junk Fees (Includes Request for Information)

CFPB | Jan. 26, 2022
 
The Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. This request is a chance for the public to share input that will help shape the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.

“Many financial institutions obscure the true price of their services by luring customers with enticing offers and then charging excessive junk fees,” said CFPB Director Rohit Chopra. “By promoting competition and ridding the market of illegal practices, we hope to save Americans billions.”
 
Comments are due March 31, 2022.
 
Read More »
Review the RFI »
 
TLTA Editor's Note: In ALTA's Advocacy Update email sent Feb. 1, Diane Tomb wrote the following about CFPB's new initiative and RFI: "While the majority of the RFI focused on credit card fees, there was a sentence and a footnote highlighting old critiques of the industry." She also noted that ALTA was preparing comments to send to CFPB.
 

Fannie Mae Urges New Flood Disclosures for Homebuyers

Politico | Jan. 27, 2022
Mortgage giant Fannie Mae is urging FEMA to set federal standards for how home sellers disclose flood risks to potential buyers.
 
Read More » 
 

FDIC and FinCEN Open Registration for Digital Identity Tech Sprint

U.S. Treasury | Feb. 1, 2022
The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today opened the registration period for interested parties to participate in a Tech Sprint to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. 

Interested individuals may submit applications requesting participation by 5 p.m. ET on February 15, 2022. Additional questions about the Tech Sprint can be sent to Innovation@FDIC.gov.
 
Read More »
Apply to Participate » 


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