Washington Report

Advocacy Updates from Washington D.C.

CFPB Releases PACE Proposal

The U.S. Consumer Financial Protection Board (CFPB) has published an Advanced Notice of Proposed Rulemaking (ANPRM) to solicit comment on proposed rules related to Property Assessed Clean Energy (PACE) financing.

Section 307 of the Economic Growth, Regulatory Relief and Consumer Protection Act mandates regulations relating to PACE Financing.  Specifically, the regulations must apply current ability-to-repay (ATR) requirements, in place for residential mortgage loans, to PACE financing.  The regulations must also apply general civil liability provisions to PACE financing.  

NAR supported these PACE consumer protection and transparency provisions during the legislative process and will provide additional information on these issues to the CFPB prior to the May 7th comment deadline.

Download the Advance Notice of Proposed Rulemaking

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