On June 21 the Federal Reserve Board published a Consumer Affairs Letter entitled Restoration of the Protecting Tenants at Foreclosure Act (CA-18-4), which is a reminder that the Protecting Tenants at Foreclosure Act (PTAFA), which had expired on December 31, 2014, has been restored by the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA).
Section 304 of EGRRCPA, which was signed into law on May 24, 2018, restores PTAFA effective on June 23, 2018. Although the reminder was published by the Federal Reserve Board, let us remind you that the reinstatement of PTAFA impacts all banks, not just Fed members.
The interagency examination procedures for PTAFA, previously used by the agencies, are being restored as well.
For our recent article on EGRRCPA go to: https://mycomplianceresource.com/regulatory-relief-on-the-way/
A copy of the Consumer Affairs Letter is available at: https://www.federalreserve.gov/supervisionreg/caletters/caltr1804.pdf
For more information regarding the EGRRCPA visit: https://mycomplianceresource.com/event-registration/?ee=180
