Environmental Assessment and Finding of No Significant Impact
Published Date: 1/10/2025
Notice
Summary
The Consumer Financial Protection Bureau (CFPB) checked if new rules for clean energy home loans (called PACE financing) would harm the environment and found they won’t. These rules protect homeowners by making sure lenders check if borrowers can repay their loans. The new protections kick in starting January 10, 2025, helping people finance eco-friendly home upgrades safely and smartly.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Ability-to-Repay Checks for PACE Loans
The CFPB’s PACE rule requires lenders to determine a borrower’s ability to repay residential PACE loans and implement how PACE transactions are treated under the Truth in Lending Act. The CFPB expects that, as a result of these ability-to-repay checks, fewer PACE loans would be originated.
TILA Civil Liability Applies to PACE
The CFPB will apply the civil liability provisions of the Truth in Lending Act (TILA) to residential PACE transactions as directed by EGRRCPA section 307, giving borrowers TILA-based civil remedies for violations in PACE financing.
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