Hi Adam, thank you very much for your reply.
Problem has been resolved. I had only applied the mandatory update, and couldn't figure out why the auto updater wasn't seeing any patches so I thought maybe I was good. At your suggestion, and a little more research, I realized I was not nearly up to date. Found out I needed to add the proxy settings to the CF config and then all the updates appeared. So once I patched the server properly, the cfloop problems went away. Go figure.
Many thanks for your prompt and helpful suggestions. Glad this prompted me to get the auto-updater working as well.
Tony