Search Results for keywords:"Economic Growth Regulatory Relief and Consumer Protection Act"

The proposed rule from the Department of Housing and Urban Development (HUD) aims to improve the way HUD-assisted housing is inspected and evaluated by introducing the National Standards for the Physical Inspection of Real Estate (NSPIRE). This rule seeks to simplify housing quality inspections across different programs by consolidating and aligning existing standards, and it includes a new annual self-inspection and reporting requirement. It also aims to reduce regulatory burdens for small rural Public Housing Agencies (PHAs) and ensures that all standards maintain a focus on safe and habitable housing. Lastly, the rule provides an opportunity for public comment and further input to enhance these proposed changes.

The Consumer Financial Protection Bureau has amended Regulation Z, which implements the Truth in Lending Act, to introduce a new exemption so certain depository institutions and credit unions no longer need to create escrow accounts for higher-priced mortgage loans. To qualify for this exemption, institutions must have assets of $10 billion or less and fewer than 1,000 such loans from the previous year, and meet other criteria like operating in rural or underserved areas. The final rule, effective February 17, 2021, aims to reduce regulatory burdens on smaller institutions while maintaining consumer protection standards.