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CFPB announces new thresholds for certain parts of Truth in Lending Act regulations

By Mark Iandolo | Jun 22, 2016

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced annual adjustments to the dollar amounts of select thresholds existing within the Truth in Lending Act regulations. These regulations will take effect on certain consumer credit transactions in 2017.

All adjustments are based on percentage changes to the Consumer Price Index. There were thresholds affected. The first relates to the minimum interest charge and safe harbor penalties fees that are part of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The second deals with the total loan amount and points and fees dollar trigger for high-cost mortgages that are part of the Home Ownership and Equity Protection Act (HOEPA). The third threshold is for the maximum points and fees for qualified mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The CFPB’s notice also deals with a revision to the 2016 safe harbor penalty fee amounts due to a decline in the 2015 Consumer Price Index that had not been fully accounted for. This revision will actually take place upon publication in the Federal Register.

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Consumer Financial Protection Bureau