The Consumer Financial Protection Bureau today announced 2015 increases in dollar thresholds for several Regulation Z provisions governed by the CARD Act, the Home Ownership and Equity Protection Act and the Dodd-Frank Act.
For credit cards, the penalty fees safe harbor will be set to $27 for a first late payment and $38 for each subsequent late payment within six months. The minimum interest charge disclosure threshold will remain unchanged. The HOEPA loan threshold will be $20,391 and the HOEPA fee trigger will be $1,020.
For Qualified Mortgages, points and fees cannot exceed 3 percent of loans of $101,953 or more; $3,059 for loans between $61,172 and $101,953; 5 percent of loans between $20,391 and $61,172; $1,020 for loans between $12,744 and $20,391; and 8 percent of loans of less than $12,744.
The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.