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Credit union trade group backs proposed CFPB rules on PACE loans

The Credit Union National Association (CUNA) late last week released two comment letters expressing the association’s agreement with proposed rules on bolstering borrower protections for Property Assessed Clean Energy (PACE) financing for home renovations.

A CUNA letter was aimed at expressing its support to financial services companies, with an additional letter adding its individual comments to the Bureau’s rule proposal. The CFPB unveiled its proposal in May to implement a Congressional mandate establishing consumer protections for residential PACE loans under Regulation Z, which implements the Truth in Lending Act (TILA).

“In the proposed rule, the Bureau correctly recognizes that PACE details ⇒

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