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2019-10-30
article
Consumer Leasing (Regulation M)
Rules and Regulations
D09002ee1bdb6b144
D09002ee1bdb6b1d2
United States
Federal Reserve System
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United States Government Agency or Subagency
United States
Bureau of Consumer Financial Protection
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org
United States Government Agency or Subagency
The Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the annual percentage increase in the CPI-W as of June 1, 2019, the exemption threshold will increase from $57,200 to $58,300 effective January 1, 2020. Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Truth in Lending Act elsewhere in this issue of the Federal Register.
84 FR 58017
https://www.govinfo.gov/app/details/FR-2019-10-30/2019-21554
2019-21554
fr30oc19-3
Docket No. R-1676
https://www.govinfo.gov/app/details/FR-2019-10-30/2019-21554
https://www.govinfo.gov/content/pkg/FR-2019-10-30/html/2019-21554.htm
https://www.govinfo.gov/content/pkg/FR-2019-10-30/pdf/2019-21554.pdf
Truth in Lending
Advertising
Consumer Leasing
Consumer Protection
Federal Reserve System
Reporting and Recordkeeping Requirements
4 p.
58017
58020
84 FR 58017
Code of Federal Regulations
Title 12 Part 1013
12 CFR Part 1013
Code of Federal Regulations
Title 12 Part 213
12 CFR Part 213
Consumer Leasing (Regulation M); Federal Register Vol. 84, Issue
RULE
2019-21554
FEDERAL RESERVE SYSTEM
BUREAU OF CONSUMER FINANCIAL PROTECTION
2020-01-01
Docket No. R-1676
2019-21554
Final rules, official interpretations and commentary.
The Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the annual percentage increase in the CPI-W as of June 1, 2019, the exemption threshold will increase from $57,200 to $58,300 effective January 1, 2020. Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Truth in Lending Act elsewhere in this issue of the Federal Register.
This final rule is effective January 1, 2020.
Board: Vivian W. Wong, Senior Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667; for users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263-4869.
Truth in Lending
Advertising
Consumer Leasing
Consumer Protection
Federal Reserve System
Reporting and Recordkeeping Requirements
Consumer Leasing (Regulation M)
,
CFPB_Accessibility@cfpb.gov
Federal Register
Vol. 84, no. 210
Office of the Federal Register, National Archives and Records Administration
2019-10-30
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307 p.
Table of Contents:
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GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2019-10-30
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0042-1219
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https://www.govinfo.gov/app/details/FR-2019-10-30
https://www.govinfo.gov/content/pkg/FR-2019-10-30/pdf/FR-2019-10-30.pdf
https://www.govinfo.gov/content/pkg/FR-2019-10-30/xml/FR-2019-10-30.xml
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