Regulatory AlertsCA 18-4: Restoration of the Protecting Tenants at Foreclosure Act
The Board of Governors of the Federal Reserve System issued Consumer Affairs Letter CA 18-4 to inform supervised institutions of the June 23, 2018 restoration of the Protecting Tenants at Foreclosure Act of 2009. The restored law requires immediate successors in interest at foreclosure to provide bona fide tenants with 90 days' notice prior to eviction and allows them to occupy the property until the end of their lease term. Federal Reserve examiners will incorporate compliance with this statute into their risk-focused supervision to evaluate institutions' awareness and implementation efforts.
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