Regulatory alert outlines Truth in Lending annual threshold adjustments

In a regulatory alert issued on Wednesday, the NCUA notified credit unions about the CFPB’s 2022 Truth in Lending annual threshold adjustments.

In November, the CFPB published its Truth in Lending (Regulation Z) annual threshold adjustments (credit cards, HOEPA and qualified mortgages) final rule in the Federal Register.

The CFPB is required to calculate the dollar amounts for several provisions in Regulation Z each year — these include provisions in the Credit Card Accountability Responsibility and Disclosure Act of 2009, the Home Ownership and Equity Protection Act of 1994 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, according to the alert.

The CFPB adjusted the dollar amounts, where appropriate, based on the annual percentage change reflected in the consumer price index in effect June 1, 2021; the adjusted thresholds will go into effect Jan. 1, 2022 according to the NCUA.

The full regulatory alert, which includes details of the 2022 threshold adjustments, can be accessed on the NCUA website.

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