Oct. 5, 2022
In This Issue:
- FinCEN Issues Final Rule for Beneficial Ownership Reporting
- CFPB Accused of Exceeding Statutory Authority; Texas Groups Among the Plaintiffs
- Fannie Mae News
- FHA Plans to Revamp Its 203k Renovation Program
- Upcoming Continuing Education Opportunities Presented Live - Ask the Presenters Questions
FinCEN Issues Final Rule for Beneficial Ownership Reporting
ALTA | Sept. 29, 2022
The Financial Crimes Enforcement Network (FinCEN) on Sept. 29 issued a final rule implementing its new beneficial ownership information (BOI) reporting requirements. This is the first of three rules that FinCEN is putting out to implement the Corporate Transparency Act (CTA). ALTA has been actively engaged with FinCEN as a part of this process and submitted two comment letters as a part of the rulemaking.
Currently, ALTA is reviewing the rule and will provide resources to assist members in understanding how it will impact their businesses. The rule outlines who must file a BOI report, what information must be reported and when a report is due. The effective date for the rule is Jan. 1, 2024.
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Review FinCEN's Final Rule »
CFPB Accused of Exceeding Statutory Authority; Texas Groups Among the Plaintiffs
DS News | Sept. 30, 2022
A coalition of seven banks and trade groups have filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) and CFPB Director Rohit Chopra citing abuse of statutory authority. The lawsuit was filed in the U.S. District Court for the Eastern District of Texas.
The American Bankers Association (ABA), U.S. Chamber of Commerce, Longview Chamber of Commerce, Texas Bankers Association, Independent Bankers Association of Texas, Texas Association of Business, and the Consumer Bankers Association (CBA) as co-plaintiffs are challenging the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) Section of the CFPB’s exam manual, citing that it exceeds its statutory authority and violates the Administrative Procedure Act (APA) in three ways.
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Fannie Mae News
Fannie Mae Issues Guidance on Address Confidentiality Programs
ALTA | Aug. 23, 2022
In July, Fannie Mae updated its Seller Guide to include a requirement that sellers and servicers must comply with all applicable statutes in states that offer an Address Confidentiality Program, also called Safe at Home laws. Freddie Mac issued a similar announcement in December 2021 (Bulletin 2021-29).
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Review Fannie Mae's Selling Guide Announcement »
Fannie Mae Names Priscilla Almodovar as New CEO
Reuters | Sept. 29, 2022
U.S. mortgage lender Fannie Mae on Thursday named Priscilla Almodovar, a former managing director at JPMorgan Chase & Co , as its chief executive officer effective Dec. 5.
Almodovar will replace interim CEO David Benson, who took over the top job in May after former chief Hugh Frater retired.
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FHA Plans to Revamp Its 203k Renovation Program
HousingWire | Oct. 4, 2022
The Federal Housing Administration (FHA) expects to issue in the next 90 days a request for information from the public to update its 203K program, a step to address the current affordability crisis by boosting the supply of homes.
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Upcoming Continuing Education Opportunities Presented Live - Ask the Presenters Questions
Title 101
Oct. 17-18
Owning and Managing a Texas Title Agency
Oct. 17-18
Webinar: Running a Tight Ship in Choppy Seas
Oct. 20
Title Insurance and Doc Prep: Defining Issues and Closing the Deal
Dec. 7
Texas Land Title Institute
Dec. 8-9
Looking for more educational tools?
Check out TLTA's collection of more than 80 on-demand webinars and videos!