The House voted 280-131 to pass H.R. 1153, the Mortgage Choice Act of 2017, a regulatory bill that was created in an effort to provide relief to mortgage lenders by excluding certain charges from the points and fees calculation. In support of his bill, Rep. Bill Huizenga (R-Michigan), argues it would preserve consumer choice and potentially…
House Passes TRID Improvement Act; Aims to Improve Disclosure of Title Insurance Premiums to Consumers
The House of Representatives voted 271 to 145 to approve the TRID (TILA-RESPA Integrated Disclosure) Improvement Act of 2017 (H.R. 3978), which would amend the Real Estate Settlement Procedures Act to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and any potential available discounts to home buyers…
With statehouses around the United States introducing new legislation designed to overhaul decades-old law concerning Notaries, NAILTA has delivered a position paper to help members and the general public understand the new changes. Important policy questions are answered in the NAILTA research: What is e-notarization? What is webcam notarization? Which states have adopted it? Which…
As reported by Associated Press on Wednesday, Jul. 22, 2015 11:30 am
WASHINGTON — Senate Republicans are trying to use a must-do spending bill to advance legislation significantly revising a landmark law that tightened regulation of the financial services industry after the 2008 financial crisis.
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As promised, the CFPB has announced, via a proposed amendment, that the effective date of the new Joint Disclosure Rule (TRID) will be Saturday, October 3, 2015. According to the CFPB, implementation on a weekend will allow software providers the opportunity to test systems in anticipation of the workweek launch. For more information…
Between Best Practices coordination and the TRID implementation deadline, there has not been much room for positive news for independent land title agents. Fortunately, that is not because there has not been good news!
According to our sources on Capitol Hill in Washington, D.C., proponents of the so-called Mortgage Choice Act (H.R. 3211) have attached their bill to a new piece of federal legislation heading to a roll-call vote today. The new bill is The Insurance Capital Standards Clarification Act of 2014″ (H.R. 5461). H.R. 5461 is designed as…
The title insurance industry is finally mobilizing itself to take positions on bills currently pending in Washington, DC. With all the chatter recently making its way through the wires, we thought it was important to let you know how independent real estate settlement service providers and those who follow policy with NAILTA viewed the recent movements.
What is Going On?
The House Financial Services Committee (HFSC) recently convened a hearing concerning eleven (11) separate legislative bills that are each directed at the Dodd-Frank Act, and specifically the Consumer Financial Protection Bureau (CFPB). This is not the first effort for the HFSC on Dodd-Frank. Since 2011, there have been over fifty (50) such bills designed to alter, restrict or outright repeal Dodd-Frank and the CFPB.
Last week, the House Financial Services Committee (HFSC), in a surprise move, convened a full committee hearing on 15 pending bills including HR 3211 and “voice-voted” HR 3211 onto the House floor for further consideration.
The Chairman of the HFSC, Rep. Jeb Hensarling (R-TX), ordered the voice vote on HR 3211 instead of a roll call vote, or the typical voting pattern for committee legislation because he suspected that several Republican members on the committee would vote “no” and thereby jeopardize the chances HR 3211 can move successfully in the House and the Senate. The voice-vote was called with barely twenty members present. It was a procedural passage of the bill.
Congress has introduced two pieces of bipartisan legislation known as the 21st Century Glass-Steagall Act – H.R. 3711 (co-sponsored by Rep. John Tierney (D-MA) and Walter Jones (R-NC)) and S. 1282 (co-sponsored by Sen. Elizabeth Warren (D-MA) and John McCain (R-AZ)) in an effort to reduce risks to the financial system by limiting banks’ ability to engage in certain risky activities and limiting conflicts of interest as well as reinstating certain Glass-Steagall Act protections that were previously repealed in 1999 by the Gramm-Leach-Bliley Act (GLB).
Both bills would act to prohibit banks from becoming an affiliate of an insurance company, including a title insurance company.