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Legislative Updates
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Here you will find information and resources in regards to rules and legislation affecting the escrow industry. The AEA Member States' section links directly to legislative information on each association's website (where available) including a link to search tools to research or view specific legislation in those states.

For national legislation, House and/or Senate information and other related links, click here to access  Congress' website.

To view Congress' House Calendar 2017, click on the calendar graphic below the tentative schedule. The following list identifies days the Senate is not expected to be in session:

Non-Legislative Days (no session)/Tentative Schedule

Date Action Note
Jan 3 Convene
Jan 16 Martin Luther King Jr. Holiday
Feb 20 - Feb 24 State Work Period Presidents' Day-Feb 20
Mar 16 - Mar 17 State Work Period
Apr 10 - Apr 21 State Work Period
May 29 - Jun 2 State Work Period Memorial Day-May 29
Jul 3 - Jul 7 State Work Period Independence Day-Jul 4
Jul 31 - Sep 4 State Work Period Labor Day-Sep 4
Sep 21 - Sep 22 State Work Period
Oct 9 - Oct 13 State Work Period Columbus Day-Oct 9
Nov 10 Veterans' Day (observed)
Nov 20 - Nov 24 State Work Period Thanksgiving Day-Nov 23
Dec 18 - Dec 29 State Work Period

 

AEA Member (Chartered) States

Member State      
Website Legislation Lookup
 Arizona  Home Page  Search AZ Legislation
 California  Legislation Page  Search CA Legislation
 Colorado  Home Page  Search CO Legislation
 Hawaii  NA  Search HI Legislation
 Nebraska  Home Page  Search NE Legislation
 Nevada  Home Page  Search NV Legislation
 Oregon  Home Page  Search OR Legislation
 Washington  Home Page  Search WA Legislation

TRID Tidbits

TRID: The "Know Before You Owe" mortgage disclosure rule. Click here to access the TRID Tidbits page.

For additional information about TRID, the Consumer Protection Financial Bureau provides a variety of resources. Follow this link to access their website.


Other Items of Interest

September 25, 2017

 

FinCEN Advisory 2017 – 3

 

On Friday, September 22, 2017, Art Davis, AEA's Washington DC Representative met with Kevin Bell, the key Financial Crimes Enforcement Network  (FinCEN) staffer handling its Geographical Targeting Orders including the recent addition of wire transfers.

 

FinCEN is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.


Art discussed details of the most recent “FinCEN Advisory 2017 – 3,” which provides guidance to escrow settlement agents and all other real estate professionals concerning reporting provisions of the Anti-Money Laundering Program that originated with the USA PATRIOT ACT. 

 

Their discussion revealed how this part of the Treasury Department views and applies its authority to require reporting on specified residential real estate transactions. FinCEN’s authority is currently applicable only to Title Insurance Companies but could and may be extended to escrow, brokers or others.

 

Soon, Art will be briefing the AEA Executive Board further on this important meeting.

 

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May 24, 2017

Attorneys Update AEA on PHH v CFPB

Today, AEA DC Representative, Arthur Davis attended a briefing given by the litigating attorneys responsible for the Amicus Brief filed by AEA and other industry trade associations in support of PHH Corp in its battle with the Consumer Finance Protection Bureau. 

The AEA amicus brief in support of PHH was among others also filed in support by the likes of The Chamber of Commerce of the United States of America, the American Bankers Association, American Financial Services Association, Consumer Bankers Association, Mortgage Bankers Association, Housing Policy Council of the Financial Services Roundtable, Real Estate Services Providers Council, ACA International, The Cato Institute and the Attorneys General of Missouri, Alabama, Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Louisiana, Nevada, Oklahoma, South Dakota, Texas, West Virginia, and Wisconsin.

The attorneys told the audience there are two main points at issue:

Read more.

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March 3, 2017
 
AEA Joins 12 Other National Organizations in Filing a "Friend of the Court" Brief 

Today, AEA joined with 12 other national organizations involved in the real estate industry asking the Washington DC Court of Appeals to curtail CFPB's latitude in the administrative law arena and to apply a fair notice standard for changes in agency interpretation of statute. The key issue is statutory handling by CFPB of section 8 of RESPA which has always been the one federal provision with money penalties that could impact an escrow company and/or agents. 

Read the full amicus brief here.

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February 3, 2017
 
AEA Member Alert: Trump Executive Order to Unwind Dodd-Frank
 
President Trump issued an Executive Order today, 2/3/17, that will lead to major changes in the regulation of financial services providers across America.  It calls for a 120 day review of existing laws and regulations.  So the future of the Dodd-Frank law and the CFPB, among many other matters, will not be decided immediately but rather over time. 
 
It is important to note that the Order does not change the actual authority of the CFPB to pursue cases against persons covered by Dodd- Frank including settlement agents.  In fact, it does not appear to directly target matters such as disclosures at all.

Read More.

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January 11, 2017
 

There is concern from within the mortgage insurance industry that Trump's administration will reverse the recently announced Department of Housing and Urban Development (HUD) cut in FHA mortgage insurance premiums.

Read more.

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October 11, 2016

 D.C. Court of Appeals Decides PHH vs. CFPB

Today, the United States Court of Appeals for the District of Columbia Circuit handed down a decision many thought unimaginable.  The DCA declared that the CFPBs leadership does not meet necessary constitutional tests for checks and balances.  The court wrote, "Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB's broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency."
 
AEA filed an Amicus (friend of the court) brief in support of the PHH position.
 
 
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May 26, 2016
 
AEA Reports - The CFPB Meets with Industry 
 A Report from Art Davis, AEA Washington D.C. Representative
 
AEA and a number of other industry trade groups met with the CFPB to cover TRID implementation and issues needing additional agency guidance or resolution through written information from the CFPB. 

Read more.

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April 28, 2016
 
Letter from CFPB Director Richard Cordray

Correspondence addressed to real estate industry trade associations and their members stating that the CFPB is working on a rulemaking to revise the Know Before You Owe (TRID) Rulemaking, effective since October 3, 2015, with a goal of a late July 2016 issuance date.  
 

 

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