On July 22, 2016, the Federal Reserve Board and the Consumer Financial Protection Bureau issued a proposal with respect to the method that will be used to “adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending Act and Consumer Leasing Act”. Comments on the proposal will be due thirty days from the date of publication in the Federal Register. Release.
Consumer Leasing Act
Fed Increases Reg Z and Reg M Dollar Thresholds
On June 13, the Fed amended Regulation Z, which implements the Truth in Lending Act, and Regulation M, which implements the Consumer Leasing Act, by increasing the dollar threshold for exempt consumer credit and lease transactions under both regulations from $50,000 to $51,800. These adjustments will be effective on January 1, 2012. Fed Release. Regulation Z Amendment. Regulation M Amendment.