This story appeared in Bank Digest.
The Consumer Financial Protection Bureau has published a final rule amending the regulatory text and official interpretations for Regulation Z, which implements the Truth in Lending Act effective Jan. 1, 2014. The final rule adjusts the costs for provisions implementing amendments to TILA under the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the Home Ownership and Equity Protection Act of 1994 (HOEPA). These amounts are adjusted based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2013. Under the amendments, the minimum interest charge disclosure thresholds will remain unchanged in 2014. The adjusted dollar amount for the penalty fees safe harbor in 2014 is $26 for a first late payment and $37 for each subsequent violation within the following six months. The adjusted statutory fee trigger for HOPEA loans is $632.