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In the November 30, 2016 issue of the Federal Register (81 FR 86260) (click here), the Board of Governors of the Federal Reserve System (“Board”) and the Bureau of Consumer Financial Protection (“CFPB”) announced the final rule updating the threshold for consumer credit transactions exempt from the Truth In Lending Act. Also in the November 30, 2016 issue of the Federal Register (81 FR 86250) (click here), the Board, CFPB and the Office of the Comptroller of the Treasury (“OCC”) announced the final rule updating the threshold for exemptions from required appraisals for higher-priced mortgage loans. In both instances, the final rules will take effect on January 1, 2017, and the exemption thresholds will remain the same for 2017 at greater than $54,600 for exempt consumer credit transactions and at $25,500 or less for the exemption to the appraisal requirement for higher-priced mortgage loans.

In the February 10, 2016, issue of the Federal Register (81 FR 7032, click here), the CFPB corrected a typographical error in the Supplementary Information to the TILA-RESPA Final Rule published in the December 31, 2013, issue of the Federal Register (78 FR 79730) regarding the applicability of TRID tolerances to property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees under Section 1026.19(e)(3)(iii) of Regulation Z. On page 79830, in the first column, lines 44 through 50, the Supplementary Information to the TILA-RESPA Final Rule in the December 31, 2013, issue of the Federal Register incorrectly states: “The final rule also mirrors current Regulation X in that property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees are subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account.” (Emphasis added.)

In the December 23, 2015 issue of the Federal Register, the following annually revised asset-size thresholds were published to be effective January 1, 2016: Home Mortgage Disclosure Act (80 FR 79673, click here) The CFPB has revised comment -2 under the definition “Financial institution” in §1003.2 of the Staff Commentary to Regulation C (12 CFR part 1003) to keep the asset-size exemption threshold for banks, savings associations, and credit unions for HMDA data collection in 2016 the same as it was for 2015. Therefore, effective January 1, 2016, banks, savings associations, and credit unions with assets at or below $44 million as of December 31, 2015, are exempt from collecting HMDA data for 2016. (Note: An institution’s exemption from collecting HMDA data in 2016 does not affect its responsibility to report data it was required to collect in 2015.)

In the October 2, 2015, issue of the Federal Register (80 FR 59944, click here) the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) revising the definitions of small creditor, rural area and underserved area as currently provided in the following Regulation Z rules and official staff commentary: §1026.35(b)(2)(iii)(A), (B), (C), and (D), §1026.35(b)(2)(iv)(A) and (B) and official staff commentary, cross-referenced in §§1026.43(e)(5) and (e)(6), §§1026.43(f)(1) and (f)(2) and official staff commentary, and §1026.32(d)(1)(ii)(C). The Rule’s revisions to the definitions of small creditor and rural and underserved areas are effective for covered transaction consummated on or after January 1, 2016.

Effective August 1, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule (click here), amending the TILA-RESPA Integrated Disclosures Rule to (i) extend the time requirement for a revised Loan Estimate when the consumer locks an interest rate after the initial Loan Estimate and (ii) permit language on the Loan Estimate informing borrowers of a revised Loan Estimate for a construction loan that is expected to take more than 60 days to settle. The final rule also amends the TILA Loan Originator Rule to require the loan originator names and NMLSR IDs on the Loan Estimate and the Closing Disclosure. Additionally, the final rule makes non-substantive corrections, including citation and cross-reference updates, and wording changes for clarification purposes, to various provisions of Regulations X and Z as amended or adopted by the TILA-RESPA Integrated Disclosures Rule.