November 9, 2011
CFPB Unveils Initial Drafts of Closing Disclosure
After collecting feedback from thousands of members of the industry on its prototype mortgage disclosure forms, the Consumer Financial Protection Bureau is ready to accept public opinions on the documents. The new federal agency is proposing a five-page form, code named "Hornbeam" and an alternative six-page disclosure document, known as "Ironwood" to function as the final mortgage disclosure form for consumers.
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Federal Court Rejects Texas Redistricting Maps
Texas cannot proceed with elections under new redistricting maps without a trial, a Washington-based federal court ruled Tuesday, saying the state used an inadequate analysis to determine whether new districts discriminate against minorities.
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NAIC Sets 2012 Agenda at Fall Meeting
Solvency regulation of title agents and underwriters are on the agenda set by the National Association of Insurance Commissioners at their fall meeting. Also on the agenda is responding to fraudulent or unfair activities, and promoting consumer shopping. Solvency regulation includes standards for capitalization of title agents and underwriters, as well as what to do if a company goes insolvent - whether that be the issuance of blanket policies, a guaranty fund, or other means.
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Texas Insurance Regulator Wins Top National Award
The National Association of Insurance Commissioners (NAIC) presented its highest award to Danny Saenz of the Texas Department of Insurance (TDI) at its fall 2011 meeting in National Harbor, Maryland. Saenz, who serves as Deputy Commissioner of the Financial Services Division at TDI, received the Robert Dineen Award for his contributions to the state regulation of insurance over a career spanning 23 years of service.
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FHFA Director Edward DeMarco Under Fire
Senator John McCain (R-AZ) and Democratic California Attorney General Karmala Harris recently called on Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), to resign. Senator McCain spoke after the announcement that executives at Fannie and Freddie received $12.9 million in bonuses and Attorney General Harris called on DeMarco to resign because FHFA has not forced Fannie and Freddie to write down principal for underwater borrowers.
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