Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
Abstract
The Consumer Financial Protection Bureau (CFPB) is amending the official commentary to its Regulation Z in order to make annual adjustments to the asset-size thresholds exempting certain creditors from the requirement to establish an escrow account for a higher-priced mortgage loan (HPML). The exemption threshold for creditors and their affiliates that regularly extended covered transactions secured by first liens is adjusted to $2.717 billion and the exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less is adjusted to $12.179 billion.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
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Other Rules from CFPB
Frequently Asked Questions
What is the 2024-30653 Federal Register document?
Document 2024-30653 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on December 23, 2024, with an effective date of January 1, 2025. The Consumer Financial Protection Bureau (CFPB) is amending the official commentary to its Regulation Z in order to make annual adjustments to the asset-size thresholds exempting certain creditors from the requirement to establish an escrow account for a higher-priced mortgage loan (HPML). The exemption threshold for creditors and their affiliates that regularly extended covered transactions secured by first liens is adjusted to $2.717 billion and the exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less is adjusted to $12.179 billion. View the original at https://www.federalregister.gov/documents/2024/12/23/2024-30653/truth-in-lending-act-regulation-z-adjustment-to-asset-size-exemption-threshold.
Is document 2024-30653 an economically significant rule?
No. Document 2024-30653 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.