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News & Press: Industry News

Title Industry Supports Clarifying Scope of CFPB Insurance Jurisdiction

Tuesday, February 20, 2018  
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The American Land Title Association (ALTA) is one of eight insurance trade groups supporting a bipartisan bill introduced by Rep. Sean Duffy (R-Wis.) and Gwen Moore (D-Wis.) that would clarify the extent to which the Consumer Financial Protection Bureau can regulate the insurance industry. The Dodd-Frank Act explicitly exempted the business of insurance from the purview of the CFPB except concerning consumer laws. Never-the-less, the bureau has demonstrated its willingness to ‘tip toe’ into insurance regulation and explore the extent of its powers in an open-ended and sometimes confusing manner. The insurance industry argues that the bureau should only exercise regulatory jurisdiction over the business of insurance where it has clear authority from Congress and that deference should be given to state insurance regulators when it comes to the business of insurance.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851