Title Industry Leaders Ready for Day on Capitol Hill

May 22, 2018

Real-life examples and stories create lasting impressions, so when there’s debate about the benefit of title insurance, legislators remember what you shared and how it protects them and their constituents. The title insurance industry has a perfect opportunity to explain the benefit of the industry during the 2018 ALTA Advocacy Summit.

More than 225 title professionals are set to canvass Capitol Hill and meet with members of Congress and their staff to tell the industry’s stories and let its voice be heard.

The main purpose of the meetings on Capitol Hill will be to encourage the Senate to pass the TRID Improvement Act. This bipartisan legislation passed the House unanimously and requires the CFPB to amend the TRID rule to allow the disclosure of the actual costs of loan and owners' policies.

In the House, attendees will ask members of Congress to co-sponsor H.R. 5534, the Give Useful Information to Define Effective Compliance (GUIDE Compliance) Act. This bill, which was introduced by Reps. Sean Duffy (R-WI) and Ed Perlmutter (D-CO), requires the CFPB to set up a process to issue formal and reliable written guidance to title companies and other financial companies within the sphere of the bureau's regulatory influence.

“ALTA's advocacy work creates a legacy for our industry, since the decisions made by Congress and regulators will affect our members’ day-to-day businesses,” said Michelle Korsmo, ALTA’s chief executive officer. “Our goal this week is to help Congress understand how title professional lead, deliver and protect. We'll do this by making it personal. By sharing our stories, we will make connections with policymakers that they will remember and, it is our hope, will move policy positions.”

Even if you’re not attending the Advocacy Summit, you can do your part by sharing how you lead, deliver and protect for your customers. Personal stories make in impact with members of Congress because they highlight how the industry benefits local communities. Take this short survey and demonstrate your value.

Today at Advocacy Summit

On May 22, Mike Allen, co-founder of Axios and Politico, will give the keynote presentation. Allen is one of Washington, D.C.’s most influential and well-connected journalists. He’s been described as “the man the White House wakes up to.”

Additionally, attendees will hear from Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, and Andrew Olmem, special assistant to the president for financial policy.

ALTA CEO Michelle Korsmo will lead a Q&A with Olmem, who will address topics ranging from financial regulation and GSE reform to inconsistencies in regulatory enforcement and fintech innovation. 

In a January staff memo, Mulvaney laid out the CFPB’s new governing philosophy. He said the bureau works for everyone, including the companies it regulates, and the businesses regulated by the CFPB should have the right to know the rules before being charged. “This means more formal rule-making on which financial institutions can rely, and less regulation by enforcement,” Mulvaney said in the memo. During the session, attendees will learn how the bureau’s new mission five-year strategic plan will alter the regulatory climate.

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