The Consumer Financial Protection Bureau issued a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act, to update the dollar amounts of various thresholds that it must adjust annually.
CFPB updates TILA thresholds
January 03, 2023 / By ICBA
The Consumer Financial Protection Bureau issued a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act, to update the dollar amounts of various thresholds that it must adjust annually.
The Consumer Financial Protection Bureau issued a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act, to update the dollar amounts of various thresholds that it must adjust annually.
Details: Under the final rule:
The threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1.
For Home Ownership and Equity Protection Act loans, the adjusted total loan amount threshold for high-cost mortgages in 2023 will be $24,866.
The adjusted points-and-fees dollar trigger for high-cost mortgages in 2023 will be $1,243.
For qualified mortgages, the thresholds for the spread between the annual percentage rate and the average prime offer rate will range from 2.25 to 6.5 percentage points.
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