October 6, 2021
In This Issue:
- Reminder for Underwriters: Data Call Due This Friday, Oct. 8
- Senate Confirms Rohit Chopra to Lead the Consumer Financial Protection Bureau
- FHFA Puts Kibosh on CSS Issuing Non-GSE Securities
- The Fight to End Money Laundering Comes to America
Reminder for Underwriters: Data Call Due This Friday, Oct. 8
TLTA | Oct. 6, 2021
The Texas Department of Insurance (TDI) issues this mandatory data call under Insurance Code Section 2703.153, which requires title insurance underwriting companies to submit data to TDI annually. TDI uses this data to set title insurance premium rates, as required by Insurance Code Section 2703.151. This data call requests income, expense, and policy data from calendar year 2019.
Reports are due by this Friday, Oct. 8.
Learn More, Submission Instructions »
Also, please remain aware of this additional TDI compliance reminder:
Escrow Officer License Renewals - Some Escrow Officers Are Failing to Renew Their Licenses
Prior to TDI rule changes implemented in the last two years, title agents were responsible for renewing their escrow officers’ licenses along with their agency license. Under today's rules, escrow officers are responsible for renewing their own licenses.
Some escrow officers are failing to renew their licenses.
Ensuring TDI has your current personal email address is a crucial first step in monitoring license renewal notices. Learn how to keep your email address up-to-date and
other helpful tips for renewing your license and staying in compliance.
Senate Confirms Rohit Chopra to Lead the Consumer Financial Protection Bureau
Associated Press | Oct. 1, 2021
The Senate narrowly approved President Joe Biden's pick to run the Consumer Financial Protection Bureau on Thursday, giving the bureau a director who is likely to embrace an aggressive "watchdog" role, similar to how the agency operated under former President Barack Obama.
Rohit Chopra's nomination was approved 50-48, with Vice President Kamala Harris earlier having to cast a tie-breaking vote to end debate.
Read More »
FHFA Puts Kibosh on CSS Issuing Non-GSE Securities
HousingWire | Oct. 5, 2021
Former banker Matthew Feldman has been named chairman of the board of managers at the Federal Housing Finance Agency–controlled Common Securitization Solutions, where he will lead a transition to better align the organization’s “corporate governance structure with its core mission,” FHFA announced.
That core mission is to provide the infrastructure to support government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in issuing mortgage-backed securities. Feldman has a banking background, serving as president and CEO of the Federal Home Loan Bank of Chicago from 2008 through 2020 and prior to that as president of Continental Trust Co. — a subsidiary of Continental Bank.
Read More »
The Fight to End Money Laundering Comes to America
Banker and Tradesman | Oct. 5, 2021
Money laundering finds many avenues. Money gained from illicit activities by terrorists, drug lords, arms dealers and other criminals is washed through car sales, yacht purchases, jewelry and art acquisitions, and deposits in banks that – wink, wink – look the other way, even in sports betting.
But perhaps nowhere is this criminal enterprise more prominent than in real estate, both residential and commercial.
A new report from Global Financial Integrity, a Washington-based think tank that studies the flow of illicit finances, says America has become a “safe haven” for money laundering. The group says that “at a minimum,” $2.3 billion has been laundered through real estate over the last five years. And given that GFI only studied cases already reported or adjudicated, it ventured that the total value of property purchased with laundered money is even more “staggering.”
Read More »
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