Category Truth in Lending Act

CFPB Issues Adjustments of Certain Thresholds and Penalties

Recently, the Consumer Financial Protection Bureau (“CFPB”) issued its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act (“TILA”), effective January 1, 2017. In addition, the CFPB corrected a calculation error pertaining to the 2016 subsequent violation penalty safe harbor fee. Specifically, the CFPB’s action adjusted the dollar amounts […]

CFPB Provides Expansion of Rural and Underserved Provisions of Mortgage Rules

Recently, the Consumer Financial Protection Bureau (“CFPB”) issued an interim final rule (“Rule”) that expanded “qualified mortgage” coverage in rural or underserved areas. Specifically, the Rule amends certain provisions of Regulation Z, the implementing regulations of the Truth-in-Lending Act. The updates concern two issues. First, the Rule expands the eligibility of certain small creditors operating […]