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Real Estate Services Update

The Real Estate Services (RES) Update is designed to keep diversified real estate firms and their agents informed about issues affecting their businesses. This monthly newsletter includes legislative and regulatory updates, news on industry trends, and the latest information on NAR activities as they affect diversified real estate firms.

July 10, 2015
NAR filed comments in support of the Consumer Financial Protection Bureau’s (CFPB) proposal to delay implementation of the TILA/REPSA Integrated Disclosure (TRID) rule until October 3, 2015.
July 10, 2015
NAR partnered with the the Hogan Lovells Unmanned Aircraft Systems (UAS) Group to host a webinar on the regulatory and business hurdles to operating unmanned aircraft systems (drones).
July 2, 2015
The Department of Labor is proposing to change rules governing required overtime payment for salaried employees.
June 19, 2015
This week, both House and Senate Appropriations Committees passed a provision that would prohibit the EPA from using any funds in FY 2016 to implement the now-finalized Waters of the U.S. (WOTUS) rule. At this time, there is no word yet on when either measure may reach the floor for a vote.  Other spending bans in the bills included the EPA's Clean Power Plan, which restricts carbon emissions from power plants, and placing the greater sage grouse on the endangered species list.
June 12, 2015
On Thursday, June 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a decision against PHH Corporation and a number of other defendants for among other things, violating the Real Estate Settlement Procedures Act (RESPA) by paying for referrals where there is federally related mortgage.  CFPB Director Cordray disagreed with interpretations by an administrative law judge relying on a 1997 HUD interpretive letter and expanded the monetary value of the disgorgement from $6.4 million to $109.2 million.