August 4, 2021

In This Issue:

  • Status of Washington’s Budget Debates
  • Banking Regulators Request Comment on Proposed Guidance for Third-party Risk Management
  • REMINDER: TDI Issued Data Call - Experience Reports Due Aug. 13. - On-Demand Webinar Available to Walk You Through Completing Your Report - Be in Compliance
  • ICYMI: TLTA Submits Follow-Up Amicus Letter to Texas Supreme Court in Concho v. Ellison

Status of Washington’s Budget Debates

James Hyland - TLTA Federal Legislative Counsel | Aug. 3, 2021
This week and next are pivotal weeks in the U.S. Senate as they make big decisions on future spending and tax policies.
 
The Senate is working on a bipartisan infrastructure bill that would provide new spending of $550 billion over five years, bringing the total cost of the bill to over $1 trillion. It is anticipated that the Senate will complete work on the 2,700-page bill before its August recess. Prior procedural votes have all been largely bipartisan with as many as sixteen GOP Senators joining all Democrats.
 
There are a number of tax provisions associated with efforts to offset spending in the
infrastructure bill. The Senate plans to continue GSE user fees and it is estimated that it would raise $21 billion over five years to help pay for the legislation. Housing associated groups, such as the mortgage bankers and financial institutions, have opposed this provision. Most of the spending offsets would come from unused COVID relief funding and Unemployment Insurance turned back by the states. There are enhanced reporting requirements for cryptocurrency that the congressional budget writers believe will bring in an additional $28 billion in new revenue. 
 
Read More »
 

Banking Regulators Request Comment on Proposed Guidance for Third-party Risk Management 

ALTA  | July 20, 2021
Several federal banking regulatory agencies on July 13 requested public comment on proposed guidance designed to help organizations manage risks associated with third-party relationships and technology-focused entities.

The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment among the agencies with respect to third-party risk management guidance.
 
Read More »
 

REMINDER: TDI Issued Data Call – Experience Reports Due Aug. 13 – On-Demand Webinar Available to Walk You Through Completing Your Report – Be in Compliance

TLTA | Aug. 4, 2021
The Texas Department of Insurance sent its call for Agent Statistical Data on July 2 to each agency in Texas in accordance with Texas Insurance Code §2703.153, which requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit certain data to TDI. TDI uses this data to set title insurance premium rates. 
  
Please note that this call is for data collected during calendar year 2019. You must respond to this data call using the provided instructions and forms no later than Aug. 13, 2021. If the title agent wasn't licensed until 2020 or later, they are not required to report for this data call. If they were licensed in 2019, they are required to report. 
  
If you are unable to download the forms or have any questions concerning this data call, please contact TDI's Property and Casualty - Actuarial by phone at 512.676.6687 or by email at [email protected].
 
Webinar Produced by TLTA's Education Team to Walk You Through Completing Your Experience Report Now Available On-Demand
 
In this webinar, TDI Experience Reporting - Industry Financial Reporting, our team of experts walk you through the Texas Title Insurance Experience Report and provide a clear, basic overview for finding the information you need. 
 
Purchase On-Demand Webinar »
 

ICYMI: TLTA Submits Follow-Up Amicus Letter to Texas Supreme Court in Concho v. Ellison

TLTA | July 28, 2021
On Dec. 31, 2020, TLTA submitted an amicus letter to the Texas Supreme Court in the case of Concho Resources, inc. et al. v. Marsha Ellison, d/b/a/ Ellison Lease Operating. 
 
The opinion produced by the Court in this case addressed TLTA's concerns, but TLTA's Judiciary Committee, upon reviewing the opinion, recommended a follow-up amicus letter requesting the Court limit its opinion to the parties and the issues before it and expressly state that the Boundary Stipulation in the case does not affect a real property conveyance that is binding on third parties. 
 
The Court’s opinion as currently worded leaves substantial confusion as to whether a contractual agreement, such as the Boundary Stipulation, with an off-record binding joinder, is sufficient as a real property transfer. Such confusion will do immense harm to the functionality and reliability of Texas’ recording system for real property records, which is not what the Court or the parties intended. Therefore, a clarification by the Court is warranted limiting this opinion to the Court’s contractual analysis and precluding any reading that allows parties to utilize an agreement and estoppel to transfer real property, whether retroactive or prospective.
 
Review TLTA's Follow-Up Amicus Letter to the Texas Supreme Court »
 
TLTA's Judiciary Committee, which is chaired by Leslie Johnson, is responsible for recommending to our board of directors TLTA's position on court decisions that could affect the defense of title companies and title agents. 


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