Regs Z, M exemptions for consumer credit, leases unchanged

November 30, 2015

Regs Z, M exemptions for consumer credit, leases unchanged

The CFPB said the exemption thresholds in its Truth in Lending Act and Consumer Leasing Act rules next year will remain at $54,600, with consumer credit transactions and leases at or below that level subject to the rules' protections.

TILA and CLA are implemented by Regulations Z and M, respectively. Each year, CFPB must adjust the exemption thresholds based on a review of the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the 12-month period ending June 1. If there is no annual percentage increase, there is no adjustment.

Regs Z and M are administered by CFPB and the Federal Reserve Board; the Fed administers these rules for certain automobile dealers.

Private education loans and loans secured by real property (such as mortgages) are subject to TILA regardless of the loan amount.

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