April 6, 2022

In This Issue:

  • Texas House and Senate Issue Interim Charges to Prepare for Upcoming 88th Legislative Session
  • TDI Accepting Applications for Public Member of TTIGA Board
  • ALTA Submits Response to CFPB's Junk Fees RFI
  • ICYMI: Texas Finance Commission Proposes Amendments to Definition of "Business Day" In Context of Home Equity Lending Disclosures

Texas House and Senate Issue Interim Charges to Prepare for Upcoming 88th Legislative Session

TLTA | April 6, 2022
The Texas House and Senate recently published their interim charges. House and Senate committees will study the subjects covered by the charges and produce reports with recommendations on policy changes and more prior to the 88th Legislative Session, which will commence January 2023.
 
Review the House's Charges »
Read Speaker Phelan's Press Release »

Review the Senate's Charges »
Read Lt. Gov. Patrick's Press Release »
 
At this time your TLTA legislative team does not see any charges directly related to our industry's operations. However, there are a few charges that could be tangentially related, including a charge related to blockchain in the Texas Senate, and we will continue to monitor them closely as committees begin their process for addressing these charges.
 
The Texas House Committee on Insurance and the Senate Business and Commerce committees handle many of our industry's issues during the session, and we will continue to monitor closely those committees throughout the interim charge process. You can review House Insurance and Senate B&C committees' respective charges here and here
 

TDI Accepting Applications for Public Member of TTIGA Board

Texas Department of Insurance | April 6, 2022
The Texas Department of Insurance is accepting applications for the Texas Title Insurance Guaranty Association (TTIGA) Board of Directors. TDI is filling a vacant public member position. The TTIGA board includes 4 public members.
 
Review Current Board and Review Qualifications »
Click and Scroll Down to Review Application Process »
 

ALTA Submits Response to CFPB's Junk Fees RFI

ALTA | April 6, 2022
The Consumer Financial Protection Bureau (CFPB) launched an initiative earlier this year to “reduce exploitive junk fees.” CFPB requested input from the public on this issue and encouraged individuals to submit their experiences associated with their banks, credit unions, prepaid or credit card accounts, mortgage, loan or payment transfers. Closing costs, notably title insurance, were mentioned by name as fees that “may not be subject to standard or appropriate forces.” 

ALTA submitted a comment letter to the CFPB in response to CFPB's RFI.
 
Last week, Republicans on the House Financial Services Committee wrote a letter to CFPB Director Chopra, questioning the agency’s RFI on consumer financial fees. The lawmakers criticized the RFI and said the CFPB “broadly groups all fees associated with consumer products and services as ‘junk fees’ and does not provide any legal definition of the term or any statutory authority to define such a term.” Furthermore, they argue there are already statutory and regulatory requirements in place that guide financial institutions in how to properly communicate these costs. 
 
Download ALTA's Letter to CFPB »
 

ICYMI: Texas Finance Commission Proposes Amendments to Definition of "Business Day" In Context of Home Equity Lending Disclosures 

TLTA | March 25, 2022
The following notice was published in the Texas Register Friday, March 25, 2022:
 
The Finance Commission of Texas and the Texas Credit Union Commission ("commissions") propose amendments to §153.1 (relating to Definitions) in 7 TAC, Chapter 153, concerning Home Equity Lending.

7 TAC Chapter 153 contains the commissions' interpretations of the home equity lending provisions of Texas Constitution, Article XVI, Section 50 ("Section 50"). In general, the purposes of the proposed rule changes to 7 TAC Chapter 153 are: (1) to amend the definition of "business day" to ensure that the definition appropriately excludes legal public holidays, reflects the common understanding of "business day" in the context of mortgage loan disclosures, and is consistent with similar definitions under federal law, and (2) to make technical corrections to ensure consistency in the text of other definitions.
 
Read Notice in Texas Register »
  

Ethics - Game On! 

1 hr Escrow Ethics Credit
Level: Beginner. Presented live April 8, 2022
 
Presenter: Lisa Beville, JD, CPA, CTIP, Fidelity National Title Insurance Company
 
There is no crying in baseball, and there shouldn’t be crying in title either. This ethics webinar uses entertaining sports analogies to address practical ethics and the legal duties of a title insurance professional. After an hour, attendees will understand the importance of  “knowing the rule book” and “touching all the bases.”

In addition to live webinars held throughout the year, 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!