The NCUA provided guidance to federally insured credit unions this week regarding the CFPB’s annual threshold adjustments and fee caps for 2021 for several parts of the Truth in Lending Act. Products affected include credit cards, qualified mortgages and loans subject to the Home Ownership and Equity Protection Act of 1994.
The CFPB recently issued its final rule amending Regulation Z annual threshold regarding provisions in the CARD Act, HOEPA and the Dodd-Frank Act, which was published in the Federal Register on Aug. 19. The CFPB adjusted the dollar amounts based on the annual percentage change reflected in the consumer price index in effect June 1, 2020, and go into effect January 1, 2021.
The NCUA’s guidance and annual threshold adjustments can be accessed by clicking here.