On August 1, the Consumer Financial Protection Bureau issued a final rule (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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 (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) to see the exact amounts of the changes.
Credit unions can find more information about the affected products on the NCUA’s Consumer Compliance Regulatory Resources page.
Please contact the Office of Consumer Financial Protection at 703.518.1140 or by email at ComplianceMail@ncua.gov if you have questions. You can also contact your NCUA regional office or your state supervisory authority.