CFPB Issues Report on 1031 Exchange Qualified Intermediary Industry

The Consumer Financial Protection Bureau issued its Final Report Pursuant to Section 1079 of the Dodd-Frank Act regarding its analysis, findings and recommendations for the 1031 Exchange Qualified Intermediary Industry.

Section 1079 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) required the Consumer Financial Protection Bureau, or "CFPB" as it is commonly called, to submit a report to the United States Congress no later than July 21, 2012, describing recommendations for legislation, regulatory updating, and new regulation "to ensure the appropriate protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes."

The CFPB's Report had no recommendations for additional or new legislation or regulaton for the 1031 Exchange Qualified Intermediary Industry at this point in time.