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 Z (Truth in Lending Regulation) to adjust the threshold indicating whether or not a credit agreement falls under the regulation and is thus subject to enhanced disclosure and marketing obligations or restrictions and extended customer privileges as to the termination of contracts.
In detail, the agencies set the threshold for determining exempt consumer credit transactions in 2024 at $69,500. This means that Regulation Z does not apply, if the $ amounts in a consumer loan do not exceed $69,500. This limit does not apply, however, to private education loans and loans secured by real property such as mortgages.
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
credit
disclosure
limit
loan
marketing
reporting
Date Published: 2023-11-29
Date Taking Effect: 2024-01-01
Regulatory Framework: Dodd-Frank Act, Truth in Lending Act
Regulatory Type: regulation
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