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Tuesday, December 17, 2013

CFPB Final Rule Amends the CARD Act and HOEPA

This final rule implements annual adjustments under the CARD Act and HOEPA, which are amendments to the Truth in Lending Act (TILA). The CFPB’s final rule establishes the 2014 annual minimum interest charge disclosure threshold and penalty safe harbor fees under the CARD Act. The final rule also establishes the 2014 HOEPA annual threshold adjustment for certain closed-end home mortgage loans and the revised fee trigger, as enacted in January 2013 (78 FR 6856).

The final rule will be effective January 1, 2014.

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