The Consumer Financial Protection Bureau is issuing a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z.
This final rule reviews the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
“It’s important for credit unions to review those figures, even when most of them remain unchanged, so they can adjust any disclosures and procedures to comply with the annual adjustments,” said Mike Lee, LSCU’s director of regulatory advocacy.
These adjustments are applicable Jan. 1, 2021, consistent with relevant statutory or regulatory provisions.
You can access the notice here.