It has been said, that American President Donald Trump is set to shake up the timeshare industry for developers and owners in 2017.
During Donald Trump’s campaign, he adopted a promise to increase funding for a federal agency — the Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau are currently investigating numerous industries, one of which is believed to be the timeshare company, Westgate Resorts.
The Consumer Financial Protection Bureau was created after the mortgage crisis in 2008. They investigate complaints relating to financial credit and loan programs that may be fraudulent. It was responsible for exposing the Wells Fargo Bank sales scandal. This resulted in the bank’s president being placed under a congressional investigation.
The Consumer Financial Protection Bureau, is looking at Westgate’s practice of financing owners’ timeshare purchases. Financing timeshare purchases is common within the industry. The agency has been investigating Westgate’s overall business practices, including sales representations. Consumer groups say it is doing a great job.