November 10, 2021

In This Issue:

  • A Practical Guide to the Most Significant Changes in Texas Lien Laws
  • FinCEN Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments
  • Underwriters: TDI Meeting on Maintenance Tax and Exam Assessments Next Wednesday, Nov. 17
  • Fannie & Freddie Made $5.3B From Adverse Market Fee
  • Zillow Is Shutting Down Its Homebuying Business and Laying Off 25% of Its Employees

A Practical Guide to the Most Significant Changes in Texas Lien Laws

JDSupra | Nov. 8, 2021
In September 2021, the Texas legislature made major changes to the construction lien statutes in Chapter 53 of the Texas Property Code. All of the key players in the construction industry (owners, contractors, subcontractors, suppliers, architects, engineers, landscapers, and sureties) are affected.  

This article highlights the most significant changes to the Texas lien laws affecting all non-residential, private Texas construction projects where the original contracts (the contract between the owner and original contractor) are entered into on or after January 1, 2022.
 
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FinCEN Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments

U.S. Treasury | Nov. 8, 2021
The Financial Crimes Enforcement Network (FinCEN) is updating and replacing its October 1, 2020 Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments.

This updated advisory is in response to the increase of ransomware attacks in recent months against critical U.S. infrastructure, such as the May 2021 ransomware attack that disrupted the operations of Colonial Pipeline, the largest pipeline system for refined oil products in the United States. This attack led to widespread gasoline shortages that affected tens of millions of Americans. Other recent targets include entities in the manufacturing, legal services, insurance, financial services, health care, energy, and food production sectors.

FinCEN issued the original advisory to alert financial institutions to predominant trends, typologies, and potential indicators of ransomware and associated money laundering activities.
 
Read the Advisory »
 

Underwriters: TDI Meeting on Maintenance Tax and Exam Assessments Next Wednesday, Nov. 17

Texas Department of Insurance | Nov. 3, 2021
The Texas Department of Insurance (TDI) will have a stakeholder meeting on projected rates for insurance maintenance taxes and exam assessments at 11 a.m. Central, Nov. 17 on Zoom.
 
Here are registration details and additional information. 
 

Fannie & Freddie Made $5.3B From Adverse Market Fee

HousingWire | Nov. 5, 2021
The money Fannie Mae and Freddie Mac earned from the adverse market fee paid for nearly the entire cost of the agencies’ Covid relief options, according to a Federal Housing Finance Agency inspector general report.
 
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Zillow Is Shutting Down Its Homebuying Business and Laying Off 25% of Its Employees

Business Insider | Nov. 2, 2021
Zillow is shutting down its homebuying unit, the company announced.

The company's iBuying division, known as Zillow Offers, hit turbulence in the last several weeks, leading to a pause in operations last month. Now, the unit will be shut down and Zillow will lay off roughly a quarter of its workforce, CEO Rich Barton said in the company's third-quarter earnings release.
 
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