Search Results for keywords:"TILA"

Found 2 results

Search Results: keywords:"TILA"

💰 Only
Oldest Newest
  • 2021-02450 — Submission for OMB Review; Comment Request
    Type:Notice
    Citation:86 FR 8383
    Reading Time:about 2 minutes

    The National Credit Union Administration (NCUA) is planning to submit an information collection request to the Office of Management and Budget (OMB) concerning the Truth in Lending Act (TILA), Regulation Z. This submission is part of a review in compliance with the Paperwork Reduction Act of 1995. TILA aims to facilitate informed credit decision-making and comparisons by mandating accurate disclosure of credit costs to consumers. Public comments on the proposed information collection are invited and should be submitted by March 8, 2021.

    Simple Explanation

    The National Credit Union Administration wants to make sure everyone understands the true cost of borrowing money, so they're asking for feedback from people to help improve how they share this information. They're like a teacher checking their work to make sure everyone can read it and understand it better.

  • 2024-27553 — Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
    💰
    Type:Rule
    Citation:89 FR 95080
    Reading Time:about 37 minutes

    The Consumer Financial Protection Bureau (CFPB) has finalized changes to the regulation known as Regulation Z, which enforces the Truth in Lending Act (TILA). These updates adjust the dollar amounts tied to several loan thresholds, including those for high-cost mortgages, qualified mortgages, and credit card interest disclosures. The adjustments are based on the 3.4% increase in the Consumer Price Index (CPI) from April 2023 to April 2024 and will take effect on January 1, 2025. The changes ensure that the thresholds reflect current economic conditions, making it easier for consumers to understand loan costs and requirements.

    Simple Explanation

    The government made changes to a rule that helps people understand how much money they'll pay when borrowing money. These changes are done every year to make sure the rules match the current prices and costs of living.