US watchdog finalizes new rule on solar panel, home equity loans

The U.S. watchdog agency for consumer finance on Tuesday finalized new regulations it said would protect home improvement borrowers who finance solar panels and other purchases through their property taxes, the agency said.

The announcement from the U.S. Consumer Financial Protection Bureau came amid continued Republican demands from Capitol Hill that President Joe Biden's administration cease adopting new regulations prior to President-elect Donald Trump's inauguration next month.

"Today's rule stops unscrupulous companies and salespeople from luring homeowners into unaffordable loans based on false promises of energy savings," said CFPB Director Rohit Chopra.