Saturday, July 20, 2024

Agencies pinpoint 2024 regulatory thresholds

The Consumer Financial Protection Bureau, Federal Reserve and Office of the Comptroller of the Currency announced on Monday the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400.

At the same time, the Fed and CFPB announced an increase in the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (truth in lending) and Regulation M (consumer leasing) requirements. Both regulations will apply to consumer credit transactions and consumer leases of $69,500 or less, up from the current threshold of $66,400.