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Thursday, October 17, 2019

Consumer Financial Protection Bureau sets new thresholds under Truth in Lending Act

By Mark Iandolo | Sep 7, 2017

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 30 that it has made its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act (TILA) regulations, based on the annual percentage change in the Consumer Price Index.

According to the board, the notice deals with minimum interest charge and safe harbor penalty-fee thresholds under TILA and the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) amendments to TILA. 

The notice also deals with the total loan amount and points and fees dollar trigger for high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA), as well as the maximum points and fees for qualified mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The thresholds will take effect Jan 1.

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Organizations in this Story

Consumer Financial Protection Bureau