Articles

November 21, 2018

BCFP and Federal Reserve Announce TILA and CLA Thresholds for 2019

Today, November 21, 2018, the Bureau of Consumer Financial Protection and the Federal Reserve Board announced that they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. The Dodd-Frank Act provides that the dollar amount thresholds for TILA and the CLA must be adjusted annually by any annual percentage increase in the consumer price index. Because there was an annual percentage increase in the consumer price index as of June 1, 2018, the protections of TILA and the CLA generally will apply to consumer credit transactions and consumer leases of $57,200 or less in 2019. However, private education loans and loans secured by real property (such as mortgages) are subject to TILA regardless of the loan amount.

Click here to read the news release.

Click here to read the Regulation Z Notice.

Click here to read the Regulation M Notice.

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