Federal Advocacy
Like other forms of insurance, title insurance is regulated by individual states, but national policies also affect the title insurance industry. The American Land Title Association’s government affairs department ensures that ALTA's positions are heard by Congress and federal government agencies before they enact legislation and regulations.
ALTA Supports the Reauthorization of the National Flood Insurance Program (NFIP)
In a letter sent to Capitol Hill on June 15, 2010, ALTA joined a coalition of 21 other national trade associations urging congress to immediately reauthorize the National Flood Insurance Program (NFIP). Five and a half million taxpayers depend on the NFIP as their main source of protection against flooding, the most common natural disaster in the United States. Without flood insurance, no federally-related mortgage loans may be made in nearly 20,000 communities nationwide.
Wall Street Reform and Consumer Protection Act of 2009
ALTA opposed an amendment to the House version of HR 4173, the "Wall Street Reform and Consumer Protection Act of 2009," which would have allowed bankruptcy judges to "cram-down" or rewrite the terms of mortgages including the amount owed on a mortgage, change the interest rate, or stretch out the term of the mortgage. ALTA strongly opposed the amendment in the attached letter, which failed to pass the House.
ALTA Supports Pro-Consumer Mortgage Bill
The American Land Title Association announced its support for a bipartisan bill introduced in the House of Representatives by U.S. Reps. Melissa Bean (D-IL) and Shelley Moore Capito (R-WV) that would bring greater transparency to the mortgage lending process by allowing borrowers more time to review their closing documents.
Commercial Real Estate Letter
October 28, 2009 letter signed by ALTA and other real estate trades to urge the House Financial Services Committee to customize regulatory reform proposals which are aimed largely at the residential/subprime market, but could also impact credit availability in the commercial real estate market, in order to support a recovery in commercial real estate.
ALTA Seeks Guidance from FTC Regarding Red Flags Rule
Read the letter
here
Consumer Financial Protection Agency
Consumer Financial Protection Agency Proposal
On June 17, 2009, the Obama Administration proposed a new regulatory structure for the financial industry, including a new Consumer Financial Protection Agency that would draft and enforce regulations under the Real Estate Services Procedures Act (RESPA), the Truth in Lending Act (TILA), the Home Mortgage Disclosure Act (HMDA), the Home Ownership and Equity Protection Act (HOEPA), the Community Reinvestment Act (CRA), the Equal Credit Opportunity Act (ECOA), the Fair Debt Collection Practices Act (FDCPA), and any future consumer protection law addressing the consumer credit, savings, collection, or payment markets.
Click here for more information about the Consumer Financial Protection Agency.
American Land Title Association Urges Support of $15,000 Tax Credit
On June 26, 2009, ALTA sent the attached letter in support the Home Buyer Tax Credit Act of 2009, S.1230 and H.R. 1245, on behalf of the nearly 3,000 member companies of the American Land Title Association (ALTA). This legislation is key to stimulating the housing market and our struggling economy.
Read the Press Release
Read ALTA's Letter to Congress
Testimony
ALTA Testifies at House Financial Services Hearing on the Title Industry's Role in Detecting Mortgage Fraud
ALTA Board Member Frank Pellegrini testified today at a House Financial Services Subcommittee on “Strengthening Oversight and Preventing Fraud in FHA and other HUD Programs.” Pellegrini, President of Prairie Title in Chicago, IL, told Members of Congress, "title professionals enjoy a unique vantage point from which to observe, identify and thwart instances of fraud. Title agents are the independent third party to the transaction whose only interest is to the integrity of the transaction and the protection of our customers. Through training and experience, we hone our ability to spot improper transactions every day."
Supporting Documents
ALTA Press Release
Frank Pellegrini Oral Testimony
Frank Pellegrini Written Testimony
WMA Audio File of Testimony
[Windows Media File]
mp3 Audio File of Testimony
[iTunes mp3 File]
Additional Issues
Below are additional issues on which ALTA is engaged.
Contact Government Affairs Staff
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Justin Ailes
Director of Government Affairs
E-Mail: jailes@alta.org
Phone: 202-296-3671 Ext. 215
Contact Me About: State Legislative/Regulatory Issues
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Kelley Williams
Manager of Government Affairs
E-Mail: kwilliams@alta.org
Phone: 202-296-3671 Ext. 233
Contact Me About: Legislative, Regulatory, TIPAC
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