CFPB Announces Adjusted 2020 TILA Fees and Thresholds

On August 1, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation Z thresholds and fee caps in 2020 for several parts of the Truth in Lending Act. Products affected include credit cards, qualified mortgages and loans under the Home Ownership and Equity Protection Act of 1994.

For credit card accounts under the Credit Card Accountability Responsibility and Disclosure Act, the CFPB increased by $1.00 the amount for the safe harbor for both first violation and subsequent violation penalty fees.

The amendments raise the loan amount trigger for HOEPA coverage. They also increase the maximum points and fees thresholds under the qualified mortgage and HOEPA provisions. The qualified mortgage thresholds are tiered according to loan size.

Credit unions should read the final rule to see the exact amounts of the changes.

 

Additional Information

Credit unions can find more information about the affected products on the NCUA’s Consumer Compliance Regulatory Resources page.