CFPB Amends Exemption Dollar Threshold Amounts for Consumer Leasing and Truth in Lending Acts

The Consumer Financial Protection Bureau ("CFPB") and the Board of Governors of the Federal Reserve System ("FRB") published final rules amending the official interpretation of and commentary on the agencies' regulations that implement the Consumer Leasing Act ("Regulation M") and the Truth in Lending Act ("Regulation Z").

Dodd-Frank amended both acts by requiring that the dollar threshold for exempt consumer leases and consumer credit transactions be adjusted annually by a percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers ("CPI-W"). Based on the annual percentage increase in the CPI-W as of June 1, 2014, the CFPB and FRB are adjusting the exemption thresholds to $54,600, effective on January 1, 2015.

See:Text of Regulation M Final Rules; Text of Regulation Z Final Rules.