Search Results for keywords:"Truth in Lending Act"

The Federal Deposit Insurance Corporation (FDIC) is seeking public comments on renewing two information collection requirements as part of its obligations under the Paperwork Reduction Act of 1995. The first collection relates to recordkeeping, disclosure, and reporting requirements in connection with Regulation Z, which involves the Truth in Lending Act. The second concerns account-based disclosures linked to Consumer Financial Protection Bureau Regulations E and DD and Federal Reserve Regulation CC, ensuring proper disclosure about electronic fund transfers and deposit accounts. The public has until April 27, 2021, to submit their comments, which will be considered a matter of public record.

The Consumer Financial Protection Bureau (CFPB) has issued a final rule aimed at protecting consumers in Property Assessed Clean Energy (PACE) financing, a program that lets property owners fund energy-efficient home improvements through tax assessments. This rule ensures that consumers' ability to repay is considered before PACE loans are approved and includes new disclosure requirements to help consumers better understand their financial obligations. The rule includes adjustments specific to PACE loans to address their unique nature and excludes PACE loans from qualifying as "qualified mortgages," which typically have regulatory protections. The changes are meant to standardize practices across states, improve consumer understanding, and ultimately prevent unaffordable loans that could lead to financial difficulties.

The Consumer Financial Protection Bureau has amended Regulation Z, which implements the Truth in Lending Act, to introduce a new exemption so certain depository institutions and credit unions no longer need to create escrow accounts for higher-priced mortgage loans. To qualify for this exemption, institutions must have assets of $10 billion or less and fewer than 1,000 such loans from the previous year, and meet other criteria like operating in rural or underserved areas. The final rule, effective February 17, 2021, aims to reduce regulatory burdens on smaller institutions while maintaining consumer protection standards.

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.