Consumer Protection

Advocates Support Green Lending Efforts in PACE Rulemaking

Over 20 organizations that advocate for housing, environmental justice and consumer protection wrote to the CFPB to support its recent rulemaking announcement regarding property assessed clean energy (PACE) loans. Residential PACE programs purport to offer an affordable option for consumers looking to reduce their carbon footprint and make their homes more energy efficient, but are often deceptively marketed, disproportionately impact minority and low-income communities, and they saddle consumers with tremendously high property tax bills. Advocates support the CFPB’s efforts to regulate PACE loans in a manner akin to mortgages, and to continue to be vigilant about other emerging green lending products.