Federal Register: CFPB Solicits Information on Residential Property Clean Energy Financing

The Consumer Financial Protection Bureau ("CFPB") advance notice of proposed rulemaking requesting information on the financing of residential Property Assessed Clean Energy ("PACE") was published in the Federal Register. Comments must be submitted by May 7, 2019.

As previously covered, the CFPB intends to adopt new rules under the Economic Growth, Regulatory Relief, and Consumer Protection Act that will (i) "carry out the purposes" of the Truth in Lending Act ("TILA") ability-to-repay requirements related to PACE financing, and (ii) apply the TILA's civil liability provisions to violations of these requirements.