Rep. Oxley Releases GAO Report on Information Sharing To Enhance Consumer Protection

July 29, 2004

House Financial Services Committee Chairman Michael G. Oxley (OH) released a report from the General Accounting Office (GAO) on improving information sharing capabilities among financial services regulators as a means to enhancing consumer protection.

Related Links:
GAO: Better Information Sharing Among Financial Services Regulators Could Improve Protections for Consumers [pdf]

The report underscores aspects of information sharing where improvements can be made, including: access to Federal Bureau of Investigation criminal history data, sharing of regulatory enforcement data, and sharing of consumer complaint data.

In the October 2002 request letter to the GAO Oxley states, “It is critical that financial regulators keep pace with changes in the marketplace and eliminate any gaps in functional oversight." Oxley went on to ask the GAO to, “Explore whether complaint data available to regulators can be used to identify any pervasive problems with particular financial services products, and the extent to which regulators share available information and coordinate market conduct oversight within and between financial sectors."


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.