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Monday, December 30, 2013

CFPB Issues Regulatory Exemption Thresholds for 2014

Truth in Lending (TILA - Reg Z)
"The exemption threshold is adjusted to increase to $2.028 billion from $2 billion.... Therefore, creditors with assets of $2.028 billion or less as of December 31, 2013, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2014." Learn more in the Federal Register.

Home Mortgage Disclosure (HMDA - Reg C)
"The exemption threshold is adjusted to increase to $43 million from $42 million. The adjustment is based on the 1.4 percent increase in the average of the CPI–W for the 12-month period ending in November 2013. Therefore, banks, savings associations, and credit unions with assets of $43 million or less as of December 31, 2013, are exempt from collecting data in 2014." Learn more in the Federal Register.