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Compliance, Financial Services 15 Jan 2025 consumer financial protection, cfpb, regulation z, credit products, earned wage access, payroll advances

📑CFPB Rescinds Guidance on Earned Wage Products

The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to rescind an advisory opinion it issued in November 2020 that described how one particular type of "earned wage" product does not involve the offering or extension of "credit" as that term is defined in the Truth in Lending Act and Regulation Z.

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Compliance, Regulatory Requirements 10 Jan 2025 consumer protection, banking, reporting and recordkeeping requirements, consumer financial protection, mortgages, credit, home improvement, cfpb, residential property, advertising, regulation z, banks, national banks, truth-in-lending, pace financing, credit unions, mortgage, savings associations

💼New PACE Financing Regulations

Section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) directs the Consumer Financial Protection Bureau (CFPB or Bureau) to prescribe ability-to-repay rules for Property Assessed Clean Energy (PACE) financing and to apply the civil liability provisions of the Truth in Lending Act (TILA) for violations. PACE financing is financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer. In this final rule, the CFPB implements EGRRCPA section 307 and amends Regulation Z to address how TILA applies to PACE transactions.

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