per email from ALTA, "ALTA's language to limit the ability of the new Consumer Financial Protection Agency to regulate the title industry was included in final passage."
Not sure this does anything other than protect the status quo. Most states have no enforcement credibility when it comes to making sure everyone plays by the rules (i.e. enforcing anti-kickback statutes against bad actors). Leaving title insurance out of the CFPA continues this trend.
I understand, Paul, however when a state steps up to the plate they do a much more effective job of protecting consumers. I'd rather work on raising the awareness of consumers and let them put pressure on their state government to provide good insurance oversight.
Frankly, a savvy consumer is the best defense against corruption we have in the title insurance business.
2 comments:
Diane:
Not sure this does anything other than protect the status quo. Most states have no enforcement credibility when it comes to making sure everyone plays by the rules (i.e. enforcing anti-kickback statutes against bad actors). Leaving title insurance out of the CFPA continues this trend.
I understand, Paul, however when a state steps up to the plate they do a much more effective job of protecting consumers. I'd rather work on raising the awareness of consumers and let them put pressure on their state government to provide good insurance oversight.
Frankly, a savvy consumer is the best defense against corruption we have in the title insurance business.
Post a Comment