The Board of Governors of the Federal Reserve System ("FRB"), the Consumer Financial Protection Bureau ("CFPB"), and the Office of the Comptroller of the Currency ("OCC") issued a final rule detailing the method to be used to determine the threshold for exempting smaller mortgage loans from the special appraisal requirements of the Truth in Lending Act ("TILA"). The FRB and CFPB also issued a final rule detailing the method to be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the TILA and from the Consumer Leasing Act. The final rules were published in the Federal Register.
Both final rules are effective on January 1, 2017.
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