1. From The Hill and the Rest of the Federal Government th Annual Education Conference—AEA as of 5/20/17
The New Administration
Who is in Place and Why Does it Matter. 
How is Policy Being Made?
Example of Treasury and Tax Proposals.

2. From The Hill and the Rest of the Federal Government
The New Administration
Comparisons to Prior Administrations 
Likelihood for legislative action
61 Senators have signed a letter saying they are committed to the filibuster rule.

3. From The Hill and the Rest of the Federal Government
PHH Case
Arguments next Wednesday in DC 
Value of contributing to amicus brief—private briefing from the lawyers at 2 PM eastern time 5/24 followed by an eblast to YOU
CFPB needs to lose but won’t go away when the case is decided-the Director might.

4. From The Hill and the Rest of the Federal Government
IRS—AEA 1099-S Comment Letter Signed by Phil Dryden and filed yesterday 5/19/17.
Purpose is to avoid any information reporting penalties associated with the changes as to foreign person and to avoid involvement with FIRPTA withholding when a buyer fails to deal with it.
Boxes are either right or wrong. No safe harbor.
Current OMB approval expires end of June so the question is whether they drop the box change or require it 7/1/17 or later after the current PRA review occurs.

5. From The Hill and the Rest of the Federal Government
CFPB Rulemaking—TRID clarifications. Expected by now. Still expected. CFPB rulemaking “exempt” from White House control.
OMB. Bill has been introduced to change that.
AEA will then focus on those clarifications and provide examples to CFPB for updating informal (but useful) guides.
Small Entity Compliance Guide
Guide to Forms—LE and CD
Guide for Settlement Professionals
Disclosure Timeline

6. From The Hill and the Rest of the Federal Government
FTC Wrap UP
AEA in DC to Discuss “Safeguard Rule” February 2017.
AEA last in DC after GLBA 15+ Years ago---Privacy Notifications.
FTC Website Materials—minimal, now lots.
Remember—FTC was your consumer regulator before Dodd Frank Title X—CFPB.
Think about and read the FTC materials on the topics Chuck Harwood mentioned—small business site—data breaches, cybercrime and the rest.

7. From The Hill and the Rest of the Federal Government
Opportunity to Influence Future of VA Loan Closing Cost Restrictions.
“VA will continue to safeguard the best interests of veteran homebuyers by protecting them from excessive and unreasonable closing costs. However, VA recognizes that an overly restrictive list of permissible charges and fees might, in certain circumstances, motivate market participants to avoid financing or selling homes to veterans.”

8. From The Hill and the Rest of the Federal Government
“Compared with a conventional housing loan transaction, the fees the rule permits to be charged to veterans are relatively limited. Consequently, in transacting a sale with a VA-guaranteed loan borrower, sellers and lenders must bear many of the customary real estate transaction expenses.”
“How should VA identify which closing costs are acceptable for the veteran to pay, which are acceptable for another party but not a veteran to pay, and which, if any, should be prohibited?”

9. From The Hill and the Rest of the Federal Government
“To what extent, if at all, should VA limit third-party charges or fees to the actual costs of the service provided? Alternatively, should VA permit borrowers, sellers, and lenders to negotiate their own bargains?”
“To what extent, if at all, should local real estate customs affect (i) the types and amounts of closing costs that VA allows and (ii) which party is responsible for paying such costs?”

10. From The Hill and the Rest of the Federal Government
“In 1954, VA substantially altered the rule’s regulatory scheme. Instead of permitting lenders to charge costs and expenses normally paid under local lending customs, VA restricted the types of charges and fees veterans were allowed to pay by expressly enumerating the types allowed. See 19 FR 6717, Oct. 19, VA instituted this rule amendment in order to protect veterans from what are commonly known as ‘‘junk fees’’.

11. From The Hill and the Rest of the Federal Government
“While VA has amended the rule to modify the types of permissible charges and fees in the intervening years, the rule still retains the express enumeration scheme established by the 1954 version. In other words, the current rule protects veterans from having to satisfy any charge or fee not expressly allowed by the schedule codified at 38 CFR (d).”

12. From The Hill and the Rest of the Federal Government
Extended Group Discussion—
How much time and money do you need to (or should) spend on following and implementing changes that cost money.
GLBA, USA PATRIOT Act, Dodd Frank mean since 1999 you are more and more treated as a financial institution but that does not translate into lots and lots of new requirements but does raise the expectation level of mitigating problems for the consumer and business partners.

13. From The Hill and the Rest of the Federal Government
Encrypted s.
Wire Fraud.
Cybercrime, data breaches and other funds and data security issues—All states have breach requirements; feds still working on uniform national provisions.
But more ideas being developed—Blockchain, cryptocurrency. Fintech—what does that mean.