As previously announced, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (FED) have now published in the Federal Register their amendment to Regulation M (Consumer Leasing Regulation) to adjust the threshold indicating whether or not a leasing agreement falls under the regulation and is thus subject to enhanced disclosure and marketing requirements on part of the lessor.
In detail, the agencies set the threshold for determining exempt consumer lease transactions in 2024 at $69,500. This means that Regulation M does not apply, if the $ amount in a lease agreement does not exceed $69,500.
The threshold is adjusted on a yearly basis to reflect changes in the consumer price index. The now set threshold applies from January 1, 2024 and remains in force until replaced by another adjustment.
Other Features
banks
building societies
disclosure
limit
marketing
reporting
Date Published: 2023-11-29
Date Taking Effect: 2024-01-01
Regulatory Framework: Dodd-Frank Act, Consumer Leasing Act
Regulatory Type: regulation
ID 26588
Following a corresponding consultation in April 2022 (EventID 15456), the Board of Governo ...
ID 26579
The Board of Governors of the Federal Reserve System (FED) has published in the Federal Re ...
ID 26573
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal ...
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