Yesterday we had plenty of CFPB updates, and let's continue with those. Remember that even though although your bank or mortgage operation is thought to be too small to be examined, the CFPB's actions echo through the residential lending industry. And although as time passes and more information comes out to clarify things, unfortunately there are still plenty of gray areas and using the interpretation of enforcement actions in determining policy. Is that any way to run an industry?

Law firm Ballard Spahr reminded us that, "Effective March 25 the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption. This new exemption applies only to the sale of condominium units on and after March 25, 2015, but also will include condominium units within projects currently registered with the CFPB that are offered for sale on and after March 25. (Dodd-Frank gave the CFPB rulemaking and other authority under ILSA.) The new exemption, however, is not a complete exemption from ILSA. Unless another full exemption applies, the sale of condominium units remains subject to the law's antifraud provisions.

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