The Consumer Financial Protection Bureau (CFPB) has agreed not to bring supervisory or enforcement actions against Bank of America for its funding arrangements with Department of Housing and Urban Development (HUD) housing counseling agencies (HCAs) – even if the arrangements could be construed as referrals under RESPA Section 8 (a).
The bureau recently granted Bank of America’s request for a no-action letter (NAL)
Read on for details from Bank of America’s NAL – the first under the bureau’s revised NAL policy.
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