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.