Residential Property Assessed Clean Energy Financing (Regulation Z)

Document 2023-09468 is a Proposed Rule published by the Consumer Financial Protection Bureau in the Federal Register on May 11, 2023. 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 notice of proposed rulemaking, the Bureau proposes to implement EGRRCPA section 307 and to amend Regulation Z to address how TILA applies to PACE transactions to account for the unique nature of PACE. View the original at https://www.federalregister.gov/documents/2023/05/11/2023-09468/residential-property-assessed-clean-energy-financing-regulation-z.

No. Document 2023-09468 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.