By Brad Washburn CRCM, CAMS
The Protecting Tenants at Foreclosure Act of 2009 (PTFA), which expired on Dec. 31, 2014, contained protections intended to ensure that tenants facing eviction from a foreclosed property would have adequate time to find alternative housing. The financial regulatory reform bill titled the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) which was enacted May 24, 2018, in part, restores the PTFA. Specifically, Section 304 of the Act repeals the previous sunset provision which effectively changes the PTFA into a permanent law.
The restoration of the PTFA was effective on June 23, 2018. As such, a Bank should take steps to ensure it has policies and procedures in place to comply with the provisions PTFA. In addition, the Bank should monitor communications from its primary federal regulator for guidance and updates in examination materials regarding the PTFA to ensure future compliance.
The Protecting Tenants at Foreclosure Act of 2009 (PTFA), which expired on Dec. 31, 2014, contained protections intended to ensure that tenants facing eviction from a foreclosed property would have adequate time to find alternative housing. The financial regulatory reform bill titled the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) which was enacted May 24, 2018, in part, restores the PTFA. Specifically, Section 304 of the Act repeals the previous sunset provision which effectively changes the PTFA into a permanent law.
The restoration of the PTFA was effective on June 23, 2018. As such, a Bank should take steps to ensure it has policies and procedures in place to comply with the provisions PTFA. In addition, the Bank should monitor communications from its primary federal regulator for guidance and updates in examination materials regarding the PTFA to ensure future compliance.
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