Consumer Leasing (Regulation M)

Document 2024-23276 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on October 15, 2024, with an effective date of January 1, 2025. The Board and the CFPB (collectively, Agencies) are finalizing amendments to the official interpretations for the Agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the annual percentage increase in the CPI-W as of June 1, 2024, the exemption threshold will increase from $69,500 to $71,900 effective January 1, 2025. Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Agencies are making similar amendments to each of their respective regulations implementing the Truth in Lending Act elsewhere in the Rules section of this issue of the Federal Register. View the original at https://www.federalregister.gov/documents/2024/10/15/2024-23276/consumer-leasing-regulation-m.

No. Document 2024-23276 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.