On October 7, the CFPB published an FAQ on the Real Estate Settlement Procedures Act (RESPA) Section 8 and certain provisions of Regulation X, addressing common scenarios involving gifts, promotional activities and marketing services agreements (MSAs). The CFPB also rescinded Compliance Bulletin 2015-05 – RESPA Compliance and Marketing Services Agreements on the grounds that the Bulletin does not provide regulatory clarity on RESPA and Regulation X compliance. However, the rescission does not render MSAs per se or presumptively legal. Rather, MSA compliance will depend on specific facts, circumstances, and how the MSA is structured and implemented.
