Today's Regulatory Environment - Protecting the Consumer
Consumer Financial Protection Bureau
The formation of the Consumer Financial Protection Bureau (CFPB) can be traced to the various issues that led to the great recession, resulting from the bursting of the housing bubble in 2008. Seeking to provide greater protection to consumers and to enhance the strength of the financial sytem, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") was enacted in July 21, 2010. The CFPB was created as part of the Dodd-Frank as an independent bureau housed in the Federal Reserve.
The bureau's purpose is to watch over the interest of American consumers in the market for financial products and servicers. Dodd-Frank consolidated most federal consumer financial protection laws under the authority of the CFPB giving it responsiblity for supervision and enforcement of those laws. The bureau is charged with regulating a wide range of consumer financial products and services including mortgage loans and other real estate service providers.
AMERICAN LAND TITLE ASSOCIATION + CFPB = BEST PRACTICES
As a result of the new powers and rules of the CFPB, The American Land Title Association (ALTA) created Best Practices to help members highlight policies and procedures the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience.
CONSUMER TITLE AND ESCROW is proud to be complying with and exceeding the benchmarks articulated by ALTA Best Practices SSAE16 - Statement of Standards for Attestation Engagement as assessed by an outside independent agency for the protection of our consumers and lender.
We are dedicated to consumer protection, safety of personal information and regulatory compliance.
CERTIFICATE OF COMPLETION - ALTA BEST PRACTICE PILLARS NO 1,2,3,4,5,6 AND 7