On July 22, the Consumer Financial Protection Bureau (“CFPB”) published for public comment an interim final rule implementing the Dodd-Frank Act amendments to the Alternative Mortgage Transaction Parity Act (“AMTPA”) to allow state housing creditors to continue to rely on AMTPA preemption until July 22, 2012. Compliance with Section 1004.4 of this interim final rule is optional until July 22, 2012 for federal housing creditors and for state housing creditors that are not relying on preemption of state law under Section 1004.3. On July 22, 2012, compliance with Section 1004.4 is mandatory for all creditors, except as provided in Section 1004.4(d). The interim final rule will be in place as a temporary measure pending the CFPB’s completion of a notice-and-comment rulemaking to promulgate permanent rules, including rules governing alternative mortgage transactions made by federally chartered housing creditors. Comments on the interim final rule must be received on or before September 22, 2011. To read the Interim Final Rule, click here. You may also read our article on this subject here.
