CFPB Updates TILA Thresholds

WASHINGTON, — The Consumer Financial Protection Bureau issued a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act, to update the dollar amounts of various thresholds that it must adjust annually.

Details: Under the final rule:

  • The threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1.
  • For Home Ownership and Equity Protection Act loans, the adjusted total loan amount threshold for high-cost mortgages in 2023 will be $24,866.
  • The adjusted points-and-fees dollar trigger for high-cost mortgages in 2023 will be $1,243.
  • For qualified mortgages, the thresholds for the spread between the annual percentage rate and the average prime offer rate will range from 2.25 to 6.5 percentage points.
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Great Lake Banker Magazine