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Sign into your accountRegulatory Compliance: An Essential Skill Set For the New Business Model
December 26 2013
The North American real estate industry has, for many years, been quite fortunate relative to regulation. Despite its relative size in terms of the number of licensees, the dollar volume of its gross product and the significant impact its services can have on large numbers of consumer households, regulation of the industry over the past twenty-five years has been fairly limited.
The licensure of real estate professionals has traditionally been a state function since its widespread inception in the 1960s.
Industry regulation under title VIII of the Civil Rights Act of 1968 (Fair Housing Act) was intended to prohibit discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status, and disability. This program has been administered by the Department of Housing and Urban Development since 1968.
Industry regulation under the Real Estate Settlement Procedures Act (RESPA), an act passed by the United States Congress in 1974 was, until recently, managed by the Department of Housing and Urban Development. On July 21, 2011, Congress transferred RESPA regulation from the Department of Housing and Urban Development to the Consumer Financial Protection Bureau (CFPB).
So what is this not so mild mannered regulatory upstart and where has it been hiding? The Consumer Financial Protection Bureau (CFPB) is an independent federal agency that holds primary responsibility for regulating consumer protection with regard to financial products and services. The CFPB was created in 2011 as a result of the Dodd–Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank was a response to the financial crisis of 2007–08, which played a significant role in creating the Great Recession. The CFPB opened for business in early 2011. Following a novel attempt by Republican lawmakers to block his appointment, Richard Cordray from Ohio was named CFPB director.