Regulatory Alerts2014-01-08
Pennsylvania Department of Banking and Securities Alert on CEPA Changes Due to Federal Law
The Pennsylvania Department of Banking and Securities alerts mortgage lenders that federal changes under the Dodd-Frank Act and CFPB regulations expand the definition of covered loans under the state's Consumer Equity Protection Act. Effective January 10, 2014, the CEPA applies to purchase money mortgages and home equity loans under $100,000 secured by a principal dwelling if they meet specific high-cost mortgage points and fees thresholds. Lenders must adjust their compliance practices to ensure these transactions adhere to state consumer protection requirements consistent with the updated federal standards.
Share