Search results for: PACE

As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Act), enacted in 2018, directs the CFPB to prescribe regulations that apply Truth in Lending Act (TILA) ability-to-repay (ATR) requirements to Property Assessed Clean Energy (PACE) transactions, and apply the TILA civil liability provisions to violations of the requirements.… Continue Reading

The Economic Growth, Regulatory Relief, and Consumer Protection Act (Act) directs the CFPB to prescribe Truth in Lending Act (TILA) ability-to-repay (ATR) rules for Property Assessed Clean Energy (PACE) financing.  The CFPB recently issued a proposed rule that would require PACE creditors and PACE companies to consider a consumer’s ability to repay when issuing a new PACE loan, amend Regulation Z to address how it applies to PACE transactions, and adjust disclosure requirements to better fit PACE loans. … Continue Reading

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has entered into a consent order that permanently bars James Berry and any company he owns or controls from soliciting customers for Property Assessed Clean Energy (PACE) financing and seeking future enrollment as a solicitor for PACE programs. … Continue Reading

In January 2020 the Federal Housing Finance Agency (FHFA) published a request for input on Property Assessed Clean Energy (PACE) transactions involving residential property. FHFA describes PACE transactions as being part of residential energy retrofitting programs that are created through special state legislation and result in the financed part of the transaction resulting in a tax assessment on the home, which is a ‘‘super-priority lien’’ over existing and subsequent first mortgages.… Continue Reading

As we reported previously, the Economic Growth, Regulatory Relief and Consumer Protection Act (Act) subjects Property Assessed Clean Energy (PACE) financing to Truth in Lending Act (TILA) ability-to-repay (ATR) requirements under rules to be adopted by the CFPB. The CFPB recently issued an advance notice of proposed rulemaking to solicit information regarding PACE financing.… Continue Reading

President Trump on Monday issued an Executive Order that prohibits most federal agencies from issuing proposed rules until an administration-appointed agency head reviews the regulation.

The President also imposed a hiring freeze at most federal agencies through another Executive Order.

The Executive Orders do not expressly exclude independent agencies, such as the CFPB.… Continue Reading

Earlier this year, the New Jersey Supreme Court held in Pace v. Hamilton Cove that class action waivers in consumer contracts that do not contain an arbitration clause (i.e., a stand-alone class action waiver) are not per se contrary to public policy. While cautioning that such waivers may be unenforceable if found to be unconscionable or otherwise violative of state law, the court upheld the waiver in this case because the plaintiffs clearly and unambiguously waived their right to maintain a class action and the parties’ lease contract was not unconscionable as a matter of law.… Continue Reading

The CFPB has issued a list of regulatory matters under consideration between now and October, 2025, although many of the regulatory initiatives face an uncertain future once the Trump Administration takes office.

The CFPB has an ambitious agenda.

For instance, this month, the bureau said that it expects to issue a final rule governing the use of medical debts in credit reports.… Continue Reading

In today’s podcast episode, we are joined by Raj Date, who has served in a variety of roles at the Consumer Financial Protection Bureau, including as the acting head of the agency and as it’s first-ever Deputy Director. He recently wrote a thought-provoking article in a new online publication, Open Banker, entitled “Banks Aren’t Over-Regulated, They Are Over-Supervised.”… Continue Reading

The current and incoming Republican leaders of the House Financial Services Committee have asked financial regulators, including the CFPB, to stop “finalizing partisan rulemaking” over the next several weeks.

“The financial system, its institutions, consumers, and the CFPB itself do not benefit from last-minute partisan rulemaking attempts,” current Chairman Rep. Patrick McHenry, R-N.C.;… Continue Reading