Regulatory Updates

A statement by a White House deputy press secretary regarding the pending nomination of a relatively unknown as director of the Consumer Financial Protection Bureau caused quite a stir over the weekend. Those stirrings became vocal support and opposition on Monday after the president announced his intent to nominate an associate director of the Office of Management and Budget as the next director of the CFPB. But will the nomination create any change for the industry? Industry insiders weighed in on the effect of the nomination.

The Washington Office of the Insurance Commissioner has proposed a regulation designed to implement a new law allowing for the creation and establishment of title insurance rating and advisory organizations in the state. Read on for more details.

The New York State Land Title Association received a victory in its case against the New York State Department of Financial Services after a hearing June 14. The judge in the case ordered an interim stay on a provision of Reg 208 that would require title insurers to submit a rate filing that provides for a 5 percent rate reduction. Read on for more details.

The new New Hampshire insurance commissioner began his term on June 11. He was nominated by Gov. Chris T. Sununu and unanimously approved by the New Hampshire Executive Council in May. Read on to find out more about the new commissioner.

On June 6, The House Financial Institutions and Consumer Credit Subcommittee held a hearing to examine recommendations from Consumer Financial Protection Bureau acting director Mick Mulvaney that Congress enact four changes to establish transparency and accountability at the bureau. American Land Title President Steven Day was invited to testify during the hearing. Read on for more details.

The FBI released the Internet Crime Complaint Center (IC3) 2017 Internet Crime Complaint Report, highlighting trending internet scams. Among those the report focused on was business email compromise, which was also the topic of a release IC3 sent out on June 11. Read on for more details.

On May 31, acting Consumer Financial Protection Bureau director Mick Mulvaney wrote to his staff informing them that a hold on the collection of personally identifiable information, which began shortly after he took office, was ending. He said an extensive review proved that it was ok to lift the hold. Read on for more details.

The Florida Department of Financial Services finalized amendments to its Unlawful Inducements Related to Title Insurance Transactions rule, which went into effect in May. Read on for more details.

Fannie Mae released a bulletin warning industry members of a scheme in which borrowers misrepresent their employment. Read on for more details.

The Texas Secretary of State has published in the May 4, 2018 issue of the Texas Register proposed rules to implement statutory revisions enacted in HB 1217, which allows for remote notarization. Read on for more details on the proposed regulation.