The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) announced the annual adjustments to the dollar thresholds used in determining whether certain consumer credit and lease transactions are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for 2023.
The new dollar thresholds for 2023 show that the protections of Regulations Z and M will apply to consumer credit transactions and consumer leases of $66,400 or less. This $5,400 increase will become effective January 1, 2023. Private education loans and loans secured by real property (such as mortgages) are subject to Regulation Z regardless of the amount of the loan. To view the full details of the final rules concerning the annual threshold adjustments, please visit the links below.
Links:
https://files.consumerfinance.gov/f/documents/cfpb_truth-in-lending-reg-z-joint-reg_fr-notice_2022.pdf https://files.consumerfinance.gov/f/documents/cfpb_consumer-leasing-reg-m-joint-regulation_fr-notice_2022.pdf