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Wednesday, November 21, 2012

Threshold Increased for Exempt Consumer Credit, Lease Transactions

The Federal Reserve and CFPB have announced the dollar threshold for exempting consumer credit and lease transactions under Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) will increase from $51,800 to $53,000 on Jan. 1, 2013. The threshold adjustment reflects the annual percentage increase in the Consumer Price Index as of June 1, 2012.

The CFPB separately adjusted to $625 the 2013 fee-trigger amount for the additional protections on certain home mortgages under the Home Ownership and Equity Protection Act.

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