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2020-12-10
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Truth in Lending (Regulation Z)
Rules and Regulations
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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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United States Government Agency or Subagency
The Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions 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, 2020, the exemption threshold will remain at $58,300 effective January 1, 2021. Because the Dodd-Frank Act also requires similar adjustments in the Consumer Leasing Act's threshold for exempt consumer leases, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Consumer Leasing Act elsewhere in this issue of the Federal Register.
85 FR 79394
https://www.govinfo.gov/app/details/FR-2020-12-10/2020-25870
2020-25870
fr10de20-5
RIN 7100-AF99
6210-01-P 4810-AM-P
Docket No. R-1728
https://www.govinfo.gov/app/details/FR-2020-12-10/2020-25870
https://www.govinfo.gov/content/pkg/FR-2020-12-10/html/2020-25870.htm
https://www.govinfo.gov/content/pkg/FR-2020-12-10/pdf/2020-25870.pdf
Banking
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Truth in Lending
6 p.
79394
79399
85 FR 79394
Code of Federal Regulations
Title 12 Part 1026
12 CFR Part 1026
Code of Federal Regulations
Title 12 Part 226
12 CFR Part 226
Regulation Identification Number 7100-AF99
RIN 7100-AF99
Truth in Lending (Regulation Z); Federal Register Vol. 85, Issue
RULE
2020-25870
FEDERAL RESERVE SYSTEM
BUREAU OF CONSUMER FINANCIAL PROTECTION
2021-01-01
Docket No. R-1728
6210-01-P 4810-AM-P
2020-25870
Final rules, official interpretations and commentary.
The Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions 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, 2020, the exemption threshold will remain at $58,300 effective January 1, 2021. Because the Dodd-Frank Act also requires similar adjustments in the Consumer Leasing Act's threshold for exempt consumer leases, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Consumer Leasing Act elsewhere in this issue of the Federal Register.
This final rule is effective January 1, 2021.
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.
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Mortgages
National Banks
Savings Associations
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Consumer Protection
Federal Reserve System
Reporting and Recordkeeping Requirements
Truth in Lending
Truth in Lending (Regulation Z),
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Federal Register
Vol. 85, no. 238
Office of the Federal Register, National Archives and Records Administration
2020-12-10
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Table of Contents:
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GS 4.107:
AE 2.106:
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https://www.govinfo.gov/app/details/FR-2020-12-10
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0042-1219
0364-1406
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https://www.govinfo.gov/app/details/FR-2020-12-10
https://www.govinfo.gov/content/pkg/FR-2020-12-10/pdf/FR-2020-12-10.pdf
https://www.govinfo.gov/content/pkg/FR-2020-12-10/xml/FR-2020-12-10.xml
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