WASHINGTON (9/23/15)--The Consumer Financial Protection Bureau (CFPB) has released its annual calculations of the dollar amounts for several Regulation Z provisions. The updates will become effective Jan. 1.
The final rule includes dollar amounts for provisions under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Act.
Amounts are adjusted, where appropriate, based on the annual percentage change reflected in the Consumer Price Index in effect June 1. The minimum interest charge-disclosure thresholds will remain unchanged in 2016.
The changes are:
The final rule also covers Ability-to-Repay and Qualified Mortgage thresholds, which dictate that a covered transaction is not a qualified mortgage unless the transaction's total points and fees do not exceed: