TLTA Attends Federal Affairs Conference in D.C.

By TLTA Staff May 25, 2016

Last week, a delegation of TLTA members and past presidents, led by president Patti Bonner, visited Washington, D.C., as part of the American Land Title Association Federal Affairs Conference. The group held 14 different face-to-face meetings with members and staff of the U.S. Congress to discuss the fact that the CFPB will be reopening the TRID rule to consider changes to provide more clarity, and to ask them to consider signing a “Dear Colleague” letter in support of correcting the way title insurance fees are treated on the form.

The group met personally with Rep. Jeb Hensarling (R-Dallas), Chairman of the House Financial Services Committee, as well as Reps. Bill Flores (R-Waco), Marc Veasey (D-Fort Worth), Will Hurd (R-Helotes), Randy Neugebauer (R-Lubbock), Ruben Hinojosa (D-Mercedes), Kenny Marchant (R-Coppell), Roger Williams (R-Weatherford) and John Ratcliffe (R-Heath). In addition, they met with staff of Senators John Cornyn and Ted Cruz and the staff of Reps. John Carter (R-Georgetown), Lamar Smith (R-San Antonio) and Joe Barton (R-Ennis).

The group specifically asked the elected officials to considering signing a “Dear Colleague” letter to CFPB director Richard Cordray. The letter applauds the CFPB’s recent “announcement to issue an official Notice of Proposed Rulemaking” on TRID. The specific concerned outlined is “the rule’s requirement that is causing consumers to receive incorrect title insurance premium disclosures…consumers are not receiving an accurate disclosure on their title insurance premiums.” The Senators wanted to know who might take the lead in the Senate on this issue.