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2014-12-24
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Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
Rules and Regulations
D09002ee1bdc365d3
D09002ee1bdc3664a
United States
Bureau of Consumer Financial Protection
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United States Government Agency or Subagency
The Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.060 billion from $2.028 billion. The adjustment is based on the 1.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2014. Therefore, creditors with assets of $2.060 billion or less as of December 31, 2014, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2015. The adjustment to the escrows exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that do not exceed the asset-size threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.
79 FR 77855
https://www.govinfo.gov/app/details/FR-2014-12-29/2014-30405
2014-30405
fr29de14-8
4810-AM-P
https://www.govinfo.gov/app/details/FR-2014-12-29/2014-30405
https://www.govinfo.gov/content/pkg/FR-2014-12-29/html/2014-30405.htm
https://www.govinfo.gov/content/pkg/FR-2014-12-29/pdf/2014-30405.pdf
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2 p.
77855
77856
79 FR 77855
Code of Federal Regulations
Title 12 Part 1026
12 CFR Part 1026
Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold; Federal Register Vol. 79, Issue
RULE
2014-30405
BUREAU OF CONSUMER FINANCIAL PROTECTION
2015-01-01
4810-AM-P
2014-30405
Final rule; official interpretation.
The Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.060 billion from $2.028 billion. The adjustment is based on the 1.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2014. Therefore, creditors with assets of $2.060 billion or less as of December 31, 2014, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2015. The adjustment to the escrows exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that do not exceed the asset-size threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.
This final rule is effective January 1, 2015.
James Wylie, Counsel, Office of Regulations, at (202) 435-7700.
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Consumer Protection
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Truth in Lending
Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
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Federal Register
Vol. 79, no. 248
Office of the Federal Register, National Archives and Records Administration
2014-12-29
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Table of Contents:
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https://www.govinfo.gov/app/details/FR-2014-12-29
P0b002ee18a83f7e3
0097-6326
0042-1219
0364-1406
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000582072
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https://www.govinfo.gov/app/details/FR-2014-12-29
https://www.govinfo.gov/content/pkg/FR-2014-12-29/pdf/FR-2014-12-29.pdf
https://www.govinfo.gov/content/pkg/FR-2014-12-29/xml/FR-2014-12-29.xml
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