Consumer credit transactions and consumer leases of $69,500 or less will fall under reporting requirements of Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) in 2024 under new thresholds announced Monday by two federal regulators.
Meanwhile, the new threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase in 2024 from $31,000 to $32,400, three agencies also said Monday.
According to the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve, the new threshold for Reg Z and Reg M (up from the $66,400 mark for 2023) was based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2023, the agencies said.
Separately, the Fed, CFPB and the Office of the Comptroller of the Currency (OCC) announced appraisal requirements threshold. It is also based on the latest CPI-W.
All the thresholds take effect Jan. 1, the agencies said.