September 23, 2020

In This Issue:

  • New TLTA Data Privacy Advisory Group to Work With Legislative Committee on Consumer Privacy Issues Being Discussed by Texas Legislature
  • We Need Your Feedback: RON and RIN Closings
  • FinCEN News: Banking Experts Comment on Leaked Reports; Statement on Enforcement of BSA

New TLTA Data Privacy Advisory Group to Work With Legislative Committee on Consumer Privacy Issues Being Discussed by Texas Legislature

TLTA | Sept. 23, 2020
A new TLTA advisory group on consumer data security will work with the Legislative Committee  to continue monitoring response to the recently released Texas Privacy Protection Advisory Council report and prepare for other consumer privacy issues that may be considered by the Texas Legislature in the upcoming legislative session.  
 
The Texas Privacy Protection Advisory Council, which is responsible for conducting a global study of privacy laws related to the protection of identifiable information connected to a specific individual, technological device, or household, published their report for the 87th Texas Legislature earlier this month. The Council is responsible for reporting any recommendations for statutory changes intended to enhance data security to the Texas Legislature.
 
TLTA has been closely monitoring the council's work, has provided comments to the council and has had regular dialogue with the council co-chairs regarding the title industry’s concerns. TLTA's new advisory group will further enhance our industry's engagement in any privacy legislation that affects TLTA members and their businesses.
 
Review TLTA's Answer to the Texas Privacy Protection Council's Report » 
Read the Texas Privacy Protection Advisory Council's Report »

We Need Your Feedback: RON and RIN Closings Please Complete our Survey

TLTA | Sept. 23, 2020
The COVID-19 pandemic has expanded the use of remote notarization in Texas. As part of TLTA's extensive work on the development of our state's model RON statute and the governor's emergency authorization of RIN transactions, TLTA is tracking the use of both of these digital closing tools.  
 
Please help us with our tracking effort by answering these two quick questions about RON and RIN usage in Texas.
 
Read More About TLTA's Work on the Development of RON in Texas »
Read More About TLTA's Work on the Emergency Use of RIN in Texas »
 

FinCEN News: Banking Experts Comment on Leaked Reports; Statement on Enforcement of BSA

TLTA | Sept. 23, 2020

Here’s What Banking Experts Are Saying in the Wake of the FinCEN Leak

CNBC - Sept. 21, 2020
 
Banking shares tumbled on Monday following the leak of reports on $2 trillion worth of suspicious transactions facilitated by major lenders and other financial institutions.
 
The documents, obtained by Buzzfeed and the International Consortium of Investigative Journalists, contain Suspicious Activity Reports (SARs) filed with the U.S. Department of Treasury’s Financial Crimes Enforcement Network, or FinCen, between 1999 and 2017.
 
Read More »
 

FinCEN Explains What Guides Its Enforcement Decisions

National Law Review - Sept. 16, 2020
 On Aug. 18, 2020, the Financial Crimes Enforcement Network (FinCEN), which is the primary regulator and administrator of the Bank Secrecy Act (BSA), issued a statement on enforcement of the BSA. The requirements of the BSA typically apply to financial institutions, but in certain circumstances the Act applies to nonfinancial businesses and individuals.

FinCEN’s statement attempts to clarify when the agency chooses to bring enforcement actions for violations of the BSA. The statement is noteworthy in part because in its role in administering the BSA, FinCEN is the agency that issues rules and guidance to covered industries.
 
Read More » 


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