Search Results for keywords:"credit cards"

Found 2 results

Search Results: keywords:"credit cards"

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  • 2024-27553 — Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
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    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.

  • 2025-00633 — Prohibited Terms and Conditions in Agreements for Consumer Financial Products or Services (Regulation AA)
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    Type:Proposed Rule
    Citation:90 FR 3566
    Reading Time:about 2 hours

    The Consumer Financial Protection Bureau (CFPB) is proposing a new rule to prevent the use of unfair terms in contracts for consumer financial products, such as credit cards and loans. This proposal aims to stop businesses from including terms that waive consumers' legal rights, allow companies to unilaterally change contracts, or prevent consumers from expressing their opinions about the services. Additionally, the rule will officially codify prohibitions from an existing Federal Trade Commission rule that limits certain unfair credit practices. The CFPB is inviting public comments on these proposed changes until April 1, 2025.

    Simple Explanation

    The CFPB wants to stop companies from adding tricky rules to contracts that make things unfair for people. They plan to protect people's rights and will listen to ideas about this until April 2025.