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Washington
Fed acts on disclosure trigger lease threshold
WASHINGTON (6/14/11)--The Federal Reserve Board Monday published its annual adjustment to the amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act for home mortgage loans that bear rates or fees above a certain amount. The agency also adjusted Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) by increasing the dollar threshold for exempt consumer credit and lease transactions to $50,000--as required under the Dodd-Frank Wall Street Reform Act--up from $25,000, effective on July 21. Beginning on January 1, 2012, these thresholds will be adjusted for inflation to $51,800. Transactions at or below the new threshold are subject to the protections of the regulations. Regarding the mortgage disclosures, the dollar amount of the fee-based disclosure trigger has been adjusted to $611 for 2012 based on the annual percentage change reflected in the consumer price index that was in effect as of June 1. The adjustment becomes effective Jan. 1, 2012. The Home Ownership and Equity Protection Act restricts credit terms such as balloon payments and requires additional disclosures when total points and fees payable by the consumer exceed the fee-based trigger or 8% of the total loan amount, whichever is larger. Use the resource links to read more about the Fed’s actions.
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