In the November 30, 2021 issue of the Federal Register (86 FR 67851, click here), the Board of Governors of the Federal Reserve System (“Board”) and the Bureau of Consumer Financial Protection (“CFPB”) published final rules increasing the threshold for consumer credit transactions exempt from the Truth In Lending Act. Also in the November 30, 2021 issue of the Federal Register (86 FR 67843, click here), the Board, the CFPB and the Office of the Comptroller of the Treasury (“OCC”) published final rules increasing the threshold exemption from required appraisals for higher-priced mortgage loans. In both instances, the final rules will take effect on January 1, 2022.
Updated Exemption Thresholds for Consumer Credit Transactions and Higher-Priced Mortgage Loan Appraisals
by BMG Memorandum | Dec 13, 2021 | Client and Friends Memos