A lot has happened since we last reported on the Consumer Financial Protection Bureau.  Frankly, too much to summarize coherently at the hour this post is being written.

But we do feel obliged to report on the status of the Interstate Land Sales Full Disclosure Act.  As we reported on July 21, there were some questions about the transfer from HUD to the CFPB of ILSFDA enforcement authority.  To us, the most significant was whether hospitality developers could continue to rely upon the Guidelines for Exemptions Available Under the Interstate Land Sales Full Disclosure Act

Based on the discussion during a July 14 CFPB teleconference, the answer seemed to be a clear “no.”  This was problematic as the Guidelines (in their various iterations) have played a substantial role in the administration of ILSFDA over the past 25 years.  

However, the CFPB has since issued guidance stating in part that:

"Later this year, the CFPB intends to publish . . . the rules, including HUD’s ILS rules, for which rulemaking authority transfers to the CFPB. . . . In the interim, the existing rules will continue in effect and the changes made by [Dodd-Frank] to transfer authority to the CFPB will be effective as of the designated transfer date by operation of law."

So are the Guidelines “rules” for purposes of this guidance? 

Possibly, but you’ve got to follow along:

Feel confident?