November 14, 2023

CFPB, Fed release threshold adjustments

CFPB logoThe CFPB Monday announced annual threshold adjustments related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Fair Credit Reporting Act (FCRA).

The CFPB, along with the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC), announced that the threshold amount for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $31,000 to $32,400. The threshold is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

A second rule related to TILA, issued by the Fed and CFPB, the exemption threshold for consumer credit transactions is increasing from $66,400 to $69,500, based on the CPI-W. That is the same threshold adjustment for a third rule, issued by the Fed and CFPB, related to the CLA for exempted consumer leases.

The final rule, issued by the CFPB, raised the ceiling on allowable charges under section 612(f) of FCRA to $15.50.

All adjustments take effect Jan. 1, 2024.