🌱CFPB Releases Environmental Assessment on PACE Loan Regulations
Environmental Assessment and Finding of No Significant Impact
Summary
The Consumer Financial Protection Bureau (CFPB) is issuing this finding of no significant impact and accompanying environmental assessment regarding the CFPB's consideration of a proposed rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) financing. Based on the environmental assessment, the CFPB has concluded that there will be no significant effects on the human environment from the proposed PACE rule, and therefore, a finding of no significant impact is appropriate.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The proposed rule mandates that lenders assess borrowers' ability to repay Property Assessed Clean Energy (PACE) loans, directly impacting loan origination and compliance for financial institutions and contractors. With stricter requirements, businesses may face reduced PACE financing opportunities and need to adjust marketing strategies.