ORANGE, Calif. (Aug. 8, 2017)—American Advisors Group (AAG), the nation’s leading reverse mortgage lender, today announced that it has received a “non-objection” letter from the Consumer Financial Protection Bureau (CFPB) related to a Consent Order (CO) entered into on December 7, 2016. The CO required AAG to submit for review and determination of non-objection a comprehensive compliance plan designed to ensure that AAG’s advertising of reverse mortgage products complies with the terms of the CO. Since then, AAG has engaged in a dialog with the CFPB regarding the Compliance Plan. On August 8, 2017, AAG received a letter from Kristen Donoghue, principal deputy enforcement director, CFPB, stating: “The Bureau does not object to the revised version of AAG’s Compliance Plan.”
AAG adheres to strict marketing guidelines, and conducts ongoing training for all marketing personnel and detailed legal reviews for all marketing and advertising content. AAG signed the CO without admitting to wrongdoing. Nevertheless, AAG welcomed the dialog with CFPB and the additional clarity and guidance around the clear and prominent display of disclosures.
“The Compliance Plan reflects welcome clarification from the CFPB,” said AAG Chief Marketing Officer Martin Lenoir. “We take our regulatory responsibilities seriously and through this process we have been able to better understand the CFPB’s interpretation of the advertising rules.”
Over the past several years, AAG has made significant investments in compliance and legal infrastructure to ensure that company advertising fully conforms to all marketing laws and rules. Since the CO related to past advertising that is no longer in use, the Compliance Plan did not materially affect AAG’s current advertising.
About American Advisors Group
American Advisors Group (AAG) is the nation’s leader in reverse mortgage lending. We are dedicated to helping American seniors convert a portion of their home equity, a largely untapped asset, to help fund their retirement needs.
AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about American Advisors Group and reverse mortgage loans, please visit the company’s website at www.aag.com.
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American Advisors Group, NMLS #9392, 3800 W. Chapman Avenue, Orange CA 92868