CFPB offers reporting relief to land developers

The Consumer Financial Protection Bureau issued a statement to provide flexibility for land developers subject to the Interstate Land Sales Full Disclosure Act and Regulation J.

The statement says that as of April 27, 2020, and until further notice, the CFPB does not intend to take supervisory or enforcement action against developers for delays in filing annual reports of activity or certain financial statements with the bureau, as required under Regulation J, provided that the developers are making good faith efforts to file these reports within a reasonable time.