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CFPB TILA Annual Dollar Threshold for Credit Card Transactions
On Wednesday, August 30, 2017, the CFPB announced its annual adjustments to the dollar amounts of certain thresholds under the Truth in Lending Act (TILA) appling to consumer credit transactions starting in 2018. The adjustments are based on the annual percentage change in the Consumer Price Index. The notice addresses the thresholds related to the minimum interest charge and safe harbor penalty fees under TILA and the Credit Card Accountability Responsibility and Disclosure Act. The notice also addressed total loan amounts, as well as points and fees, dollar triggers for high-cost mortgages under the Home Ownership and Equity Protection Act, and the maximum points and fees for qualified mortgages under Dodd Frank.