The American Land Title Association applauded Congress' passage of an amendment that clarifies the oversight of the Consumer Financial Protection Agency.
"Congress recognized that title insurance is best regulated by a comprehensive, well established state regulatory system," ALTA CEO Kurt Pfotenhauer told Reuters.
Title insurance providers are still subject to federal regulation, however, in the form of the Real Estate Settlement Procedure Act. RESPA changes go into effect Jan. 1, 2010, and HUD has no plans to delay the implementation.
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