83 FR 43503 - Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 83, Issue 166 (August 27, 2018)
Federal Register Volume 83, Issue 166 (August 27, 2018)
| Page Range | 43503-43508 | |
| FR Document | 2018-18209 |
[Federal Register Volume 83, Number 166 (Monday, August 27, 2018)] [Rules and Regulations] [Pages 43503-43508] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-18209] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1026 Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages) AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule; official interpretation. ----------------------------------------------------------------------- SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Bureau is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2018. DATES: This final rule is effective January 1, 2019. FOR FURTHER INFORMATION CONTACT: Monique Chenault, Paralegal, and Shelley Thompson, Counsel, Office of Regulations, at (202) 435-7700. If you require this document in an alternative electronic format, please contact [email protected]. SUPPLEMENTARY INFORMATION: The Bureau is amending the regulation text and official interpretations for Regulation Z, which implements TILA, to update the dollar amounts of various thresholds that are adjusted annually based on the annual percentage change in the CPI as published by the Bureau of Labor Statistics (BLS). Specifically, for open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1.00 in 2019. For open-end consumer credit plans under the CARD Act amendments to TILA, the adjusted dollar amount in 2019 for the safe harbor for a first violation penalty fee will increase by $1 to $28 and the adjusted dollar amount for the safe harbor for a subsequent violation penalty fee will increase by $1 to $39. For HOEPA loans, the adjusted total loan amount threshold for high-cost mortgages in 2019 will be $21,549. The adjusted points-and-fees dollar trigger for high- cost mortgages in 2019 will be $1,077. For qualified mortgages, which receive certain protections from liability under the ability-to-repay rule, the maximum thresholds for total points and fees in 2019 will be 3 percent of the total loan amount for a loan greater than or equal to $107,747; $3,232 for a loan amount greater than or equal to $64,648 but less than $107,747; 5 percent of the total loan amount for a loan greater than or equal to $21,549 but less than $64,648; $1,077 for a loan amount greater than or equal to $13,468 but less than $21,549; and 8 percent of the total loan amount for a loan amount less than $13,468. I. Background A. Credit Card Annual Adjustments Minimum Interest Charge Disclosure Thresholds Sections 1026.6(b)(2)(iii) and 1026.60(b)(3) of Regulation Z implement sections 127(a)(3) and 127(c)(1)(A)(ii)(II) of TILA. Sections 1026.6(b)(2)(iii) and 1026.60(b)(3) require the disclosure of any minimum interest charge exceeding $1.00 that could be imposed during a billing cycle and provide that, for open-end consumer credit plans, the minimum interest charge thresholds [[Page 43504]] will be re-calculated annually using the CPI that was in effect on the preceding June 1; the Bureau uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for this adjustment. When the cumulative change in the adjusted minimum value derived from applying the annual CPI-W level to the current amounts in Sec. Sec. 1026.6(b)(2)(iii) and 1026.60(b)(3) has risen by a whole dollar, the minimum interest charge amounts set forth in the regulation will be increased by $1.00. The BLS publishes consumer-based indices monthly but does not report a CPI change on June 1; adjustments are reported in the middle of the month. This adjustment analysis is based on the CPI-W index in effect on June 1, 2018, which was reported by BLS on May 10, 2018, and reflects the percentage change from April 2017 to April 2018. The CPI-W is a subset of the Consumer Price Index for All Urban Consumers (CPI-U) index and represents approximately 29 percent of the U.S. population. The adjustment analysis accounts for a 2.6 percent increase in the CPI-W from April 2017 to April 2018. This increase in the CPI-W when applied to the current amounts in Sec. Sec. 1026.6(b)(2)(iii) and 1026.60(b)(3) did not trigger an increase in the minimum interest charge threshold of at least $1.00, and the Bureau is therefore not amending Sec. Sec. 1026.6(b)(2)(iii) and 1026.60(b)(3). Safe Harbor Penalty Fees Section 1026.52(b)(1)(ii)(A) and (B) of Regulation Z implements section 149(e) of TILA, established by the CARD Act.\1\ Section 1026.52(b)(1)(ii)(D) provides that the safe harbor provision, which establishes the permissible penalty fee thresholds in Sec. 1026.52(b)(1)(ii)(A) and (B), will be re-calculated annually using the CPI that was in effect on the preceding June 1; the Bureau uses the CPI-W for this adjustment. When the cumulative change in the adjusted value derived from applying the annual CPI-W level to the current amounts in Sec. 1026.52(b)(1)(ii)(A) and (B) has risen by a whole dollar, those amounts will be increased by $1.00. Similarly, when the cumulative change in the adjusted value derived from applying the annual CPI-W level to the current amounts in Sec. 1026.52(b)(1)(ii)(A) and (B) has decreased by a whole dollar, those amounts will be decreased by $1.00. See comment 52(b)(1)(ii)-2. The 2019 adjustment analysis is based on the CPI-W index in effect on June 1, 2018, which was reported by BLS on May 10, 2018, and reflects the percentage change from April 2017 to April 2018. The adjustment to the permissible fee thresholds being adopted here reflects a 2.6 percent increase in the CPI-W from April 2017 to April 2018 and is rounded to the nearest $1 increment. --------------------------------------------------------------------------- \1\ Credit Card Accountability Responsibility and Disclosure Act of 2009, Public Law 111-24, 123 Stat. 1734 (2009). --------------------------------------------------------------------------- B. HOEPA Annual Threshold Adjustments Section 1026.32(a)(1)(ii) of Regulation Z implements section 1431 of the Dodd-Frank Act,\2\ which amended the HOEPA points-and-fees coverage test. Under Sec. 1026.32(a)(1)(ii)(A) and (B), when determining whether a transaction is a high-cost mortgage, the determination of the applicable points-and-fees coverage test depends on whether the total loan amount is for $20,000 or more, or for less than $20,000. Section 1026.32(a)(1)(ii) provides that this threshold amount be recalculated annually using the CPI index in effect on June 1; the Bureau uses the CPI-U for this adjustment. The CPI-U is based on all urban consumers and represents approximately 93 percent of the U.S. population. The 2019 adjustment is based on the CPI-U index in effect on June 1, which was reported by BLS on May 10, 2018, and reflects the percentage change from April 2017 to April 2018. The adjustment to the $20,000 figure being adopted here reflects a 2.5 percent increase in the CPI-U index for this period and is rounded to whole dollars for ease of compliance. --------------------------------------------------------------------------- \2\ Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010). --------------------------------------------------------------------------- Under Sec. 1026.32(a)(1)(ii)(B) the HOEPA points-and-fees dollar trigger is $1,000. Section 1026.32(a)(1)(ii)(B) provides that this threshold amount will be recalculated annually using the CPI index in effect on June 1; the Bureau uses the CPI-U for this adjustment. The 2019 adjustment is based on the CPI-U index in effect on June 1, 2018, which was reported by BLS on May 10, 2018, and reflects the percentage change from April 2017 to April 2018. The adjustment to the $1,000 figure being adopted here reflects a 2.5 percent increase in the CPI-U index for this period and is rounded to whole dollars for ease of compliance. C. Qualified Mortgages Annual Threshold Adjustments The Bureau's Regulation Z implements sections 1411 and 1412 of the Dodd-Frank Act, which generally require creditors to make a reasonable, good-faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling and establishes certain protections from liability under this requirement for qualified mortgages. Under Sec. 1026.43(e)(3)(i), a covered transaction is not a qualified mortgage if the transaction's total points and fees exceed: 3 percent of the total loan amount for a loan amount greater than or equal to $100,000; $3,000 for a loan amount greater than or equal to $60,000 but less than $100,000; 5 percent of the total loan amount for loans greater than or equal to $20,000 but less than $60,000; $1,000 for a loan amount greater than or equal to $12,500 but less than $20,000; or 8 percent of the total loan amount for loans less than $12,500. Section 1026.43(e)(3)(ii) provides that the limits and loan amounts in Sec. 1026.43(e)(3)(i) are recalculated annually for inflation using the CPI-U index in effect on June 1. The 2019 adjustment is based on the CPI-U index in effect on June 1, 2018, which was reported by BLS on May 10, 2018, and reflects the percentage change from April 2017 to April 2018. The adjustment to the 2018 figures being adopted here reflects a 2.5 percent increase in the CPI-U index for this period and is rounded to whole dollars for ease of compliance. II. Adjustment and Commentary Revision A. Credit Card Annual Adjustments Minimum Interest Charge Disclosure Thresholds--Sec. Sec. 1026.6(b)(2)(iii) and 1026.60(b)(3) The minimum interest charge amounts for Sec. Sec. 1026.6(b)(2)(iii) and 1026.60(b)(3) will remain unchanged at $1.00 for the year 2019. Accordingly, the Bureau is not amending these sections of Regulation Z. Safe Harbor Penalty Fees--Sec. 1026.52(b)(1)(ii)(A) and (B) Effective January 1, 2019, the permissible fee threshold amounts increased by $1 and are $28 for Sec. 1026.52(b)(1)(ii)(A) and $39 for Sec. 1026.52(b)(1)(ii)(B). Accordingly, the Bureau is revising Sec. 1026.52(b)(1)(ii)(A) and (B) to state that the fee imposed for violating the terms or other requirements of an account shall not exceed $28 and $39 respectively. The Bureau is also amending comment 52(b)(1)(ii)-2.i to preserve a list of the historical thresholds for this provision. B. HOEPA Annual Threshold Adjustment--Comments 32(a)(1)(ii)-1 and -3 Effective January 1, 2019, for purposes of determining under Sec. 1026.32(a)(1)(ii) [[Page 43505]] the points-and-fees coverage test under HOEPA to which a transaction is subject, the total loan amount threshold is $21,549, and the adjusted points-and-fees dollar trigger under Sec. 1026.32(a)(1)(ii)(B) is $1,077. When the total loan amount for a transaction is $21,549 or more, and the points-and-fees amount exceeds 5 percent of the total loan amount, the transaction is a high-cost mortgage. When the total loan amount for a transaction is less than $21,549, and the points-and- fees amount exceeds the lesser of the adjusted points-and-fees dollar trigger of $1,077 or 8 percent of the total loan amount, the transaction is a high-cost mortgage. The Bureau is amending comments 32(a)(1)(ii)-1 and -3, which list the adjustments for each year, to reflect for 2019 the new loan amount dollar threshold and the new points-and-fees dollar trigger, respectively. C. Qualified Mortgages Annual Threshold Adjustments Effective January 1, 2019, a covered transaction is not a qualified mortgage if, pursuant to Sec. 1026.43(e)(3), the transaction's total points and fees exceed 3 percent of the total loan amount for a loan amount greater than or equal to $107,747; $3,232 for a loan amount greater than or equal to $64,648 but less than $107,747; 5 percent of the total loan amount for loans greater than or equal to $21,549 but less than $64,648; $1,077 for a loan amount greater than or equal to $13,468 but less than $21,549; or 8 percent of the total loan amount for loans less than $13,468. The Bureau is amending comment 43(e)(3)(ii)-1, which lists the adjustments for each year, to reflect the new dollar threshold amounts for 2019. III. Procedural Requirements A. Administrative Procedure Act Under the Administrative Procedure Act, notice and opportunity for public comment are not required if the Bureau finds that notice and public comment are impracticable, unnecessary, or contrary to the public interest. 5 U.S.C. 553(b)(B). Pursuant to this final rule, in Regulation Z, Sec. 1026.52(b)(1)(ii)(A) and (B) in subpart G is amended and comments 32(a)(1)(ii)-1.v and -3.v, 43(e)(3)(ii)-1.v, and 52(b)(1)(ii)-2.i.F in Supplement I are added to update the exemption thresholds. The amendments in this final rule are technical and non- discretionary, as they merely apply the method previously established in Regulation Z for determining adjustments to the thresholds. For these reasons, the Bureau has determined that publishing a notice of proposed rulemaking and providing opportunity for public comment are unnecessary. The amendments therefore are adopted in final form. B. Regulatory Flexibility Act Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis. 5 U.S.C. 603(a), 604(a). C. Paperwork Reduction Act In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3506; 5 CFR part 1320), the Bureau reviewed this final rule. No collections of information pursuant to the Paperwork Reduction Act are contained in the final rule. D. Congressional Review Act Pursuant to the Congressional Review Act (5 U.S.C. 801 et seq.), the Bureau will submit a report containing this rule and other required information to the United States Senate, the United States House of Representatives, and the Comptroller General of the United States prior to the rule taking effect. The Office of Information and Regulatory Affairs (OIRA) has designated this rule as not a ``major rule'' as defined by 5 U.S.C. 804(2). List of Subjects in 12 CFR Part 1026 Advertising, Consumer protection, Credit, Credit unions, Mortgages, National banks, Reporting and recordkeeping requirements, Savings associations, Truth in lending. Authority and Issuance For the reasons set forth in the preamble, the Bureau amends Regulation Z, 12 CFR part 1026, as set forth below: PART 1026--TRUTH IN LENDING (REGULATION Z) 0 1. The authority citation for part 1026 continues to read as follows: Authority: 12 U.S.C. 2601, 2603-2605, 2607, 2609, 2617, 3353, 5511, 5512, 5532, 5581; 15 U.S.C. 1601 et seq. Subpart G--Special Rules Applicable to Credit Card Accounts and Open End Credit Offered to College Students 0 2. Amend Sec. 1026.52 by revising paragraphs (b)(1)(ii)(A) and (B) to read as follows: Sec. 1026.52 Limitations on fees. * * * * * (b) * * * (1) * * * (ii) * * * (A) $28 (B) $39 if the card issuer previously imposed a fee pursuant to paragraph (b)(1)(ii)(A) of this section for a violation of the same type that occurred during the same billing cycle or one of the next six billing cycles; or * * * * * 0 3. In Supplement I to Part 1026: 0 a. Under Section 1026.32--Requirements for High-Cost Mortgages, Paragraph 32(a)(1)(ii) is revised. 0 b. Under Section 1026.43--Minimum Standards for Transactions Secured by a Dwelling, Paragraph 43(e)(3)(ii) is revised. 0 c. Under Section 1026.52--Limitations on Fees, 52(b)(1)(ii) Safe harbors is revised. The revisions read as follows: SUPPLEMENT I TO PART 1026--OFFICIAL INTERPRETATIONS * * * * * Section 1026.32--Requirements for High-Cost Mortgages * * * * * Paragraph 32(a)(1)(ii). 1. Annual adjustment of $1,000 amount. The $1,000 figure in Sec. 1026.32(a)(1)(ii)(B) is adjusted annually on January 1 by the annual percentage change in the CPI that was in effect on the preceding June 1. The Bureau will publish adjustments after the June figures become available each year. i. For 2015, $1,020, reflecting a 2 percent increase in the CPI- U from June 2013 to June 2014, rounded to the nearest whole dollar. ii. For 2016, $1,017, reflecting a .2 percent decrease in the CPI-U from June 2014 to June 2015, rounded to the nearest whole dollar. iii. For 2017, $1,029, reflecting a 1.1 percent increase in the CPI-U from June 2015 to June 2016, rounded to the nearest whole dollar. iv. For 2018, $1,052, reflecting a 2.2 percent increase in the CPI-U from June 2016 to June 2017, rounded to the nearest whole dollar. v. For 2019, $1,077, reflecting a 2.5 percent increase in the CPI-U from June 2017 to June 2018, rounded to the nearest whole dollar. 2. Historical adjustment of $400 amount. Prior to January 10, 2014, a mortgage loan was covered by Sec. 1026.32 if the total points and fees payable by the consumer at or before loan consummation exceeded the greater of $400 or 8 percent of the total loan amount. The $400 figure was adjusted annually on January 1 by the annual percentage change in the CPI that was in effect on the preceding June 1, as follows: i. For 1996, $412, reflecting a 3.00 percent increase in the CPI-U from June 1994 to June 1995, rounded to the nearest whole dollar. ii. For 1997, $424, reflecting a 2.9 percent increase in the CPI-U from June 1995 to June 1996, rounded to the nearest whole dollar. iii. For 1998, $435, reflecting a 2.5 percent increase in the CPI-U from June 1996 to June 1997, rounded to the nearest whole dollar. [[Page 43506]] iv. For 1999, $441, reflecting a 1.4 percent increase in the CPI-U from June 1997 to June 1998, rounded to the nearest whole dollar. v. For 2000, $451, reflecting a 2.3 percent increase in the CPI- U from June 1998 to June 1999, rounded to the nearest whole dollar. vi. For 2001, $465, reflecting a 3.1 percent increase in the CPI-U from June 1999 to June 2000, rounded to the nearest whole dollar. vii. For 2002, $480, reflecting a 3.27 percent increase in the CPI-U from June 2000 to June 2001, rounded to the nearest whole dollar. viii. For 2003, $488, reflecting a 1.64 percent increase in the CPI-U from June 2001 to June 2002, rounded to the nearest whole dollar. ix. For 2004, $499, reflecting a 2.22 percent increase in the CPI-U from June 2002 to June 2003, rounded to the nearest whole dollar. x. For 2005, $510, reflecting a 2.29 percent increase in the CPI-U from June 2003 to June 2004, rounded to the nearest whole dollar. xi. For 2006, $528, reflecting a 3.51 percent increase in the CPI-U from June 2004 to June 2005, rounded to the nearest whole dollar. xii. For 2007, $547, reflecting a 3.55 percent increase in the CPI-U from June 2005 to June 2006, rounded to the nearest whole dollar. xiii. For 2008, $561, reflecting a 2.56 percent increase in the CPI-U from June 2006 to June 2007, rounded to the nearest whole dollar. xiv. For 2009, $583, reflecting a 3.94 percent increase in the CPI-U from June 2007 to June 2008, rounded to the nearest whole dollar. xv. For 2010, $579, reflecting a 0.74 percent decrease in the CPI-U from June 2008 to June 2009, rounded to the nearest whole dollar. xvi. For 2011, $592, reflecting a 2.2 percent increase in the CPI-U from June 2009 to June 2010, rounded to the nearest whole dollar. xvii. For 2012, $611, reflecting a 3.2 percent increase in the CPI-U from June 2010 to June 2011, rounded to the nearest whole dollar. xviii. For 2013, $625, reflecting a 2.3 percent increase in the CPI-U from June 2011 to June 2012, rounded to the nearest whole dollar. xix. For 2014, $632, reflecting a 1.1 percent increase in the CPI-U from June 2012 to June 2013, rounded to the nearest whole dollar. 3. Applicable threshold. For purposes of Sec. 1026.32(a)(1)(ii), a creditor must determine the applicable points and fees threshold based on the face amount of the note (or, in the case of an open-end credit plan, the credit limit for the plan when the account is opened). However, the creditor must apply the allowable points and fees percentage to the ``total loan amount,'' as defined in Sec. 1026.32(b)(4). For closed-end credit transactions, the total loan amount may be different than the face amount of the note. The $20,000 amount in Sec. 1026.32(a)(1)(ii)(A) and (B) is adjusted annually on January 1 by the annual percentage change in the CPI that was in effect on the preceding June 1. i. For 2015, $20,391, reflecting a 2 percent increase in the CPI-U from June 2013 to June 2014, rounded to the nearest whole dollar. ii. For 2016, $20,350, reflecting a .2 percent decrease in the CPI-U from June 2014 to June 2015, rounded to the nearest whole dollar. iii. For 2017, $20,579, reflecting a 1.1 percent increase in the CPI-U from June 2015 to June 2016, rounded to the nearest whole dollar. iv. For 2018, $21,032, reflecting a 2.2 percent increase in the CPI-U from June 2016 to June 2017, rounded to the nearest whole dollar. v. For 2019, $21,549, reflecting a 2.5 percent increase in the CPI-U from June 2017 to June 2018, rounded to the nearest whole dollar. * * * * * Section 1026.43--Minimum Standards for Transactions Secured by a Dwelling * * * * * Paragraph 43(e)(3)(ii). 1. Annual adjustment for inflation. The dollar amounts, including the loan amounts, in Sec. 1026.43(e)(3)(i) will be adjusted annually on January 1 by the annual percentage change in the CPI-U that was in effect on the preceding June 1. The Bureau will publish adjustments after the June figures become available each year. i. For 2015, reflecting a 2 percent increase in the CPI-U that was reported on the preceding June 1, a covered transaction is not a qualified mortgage unless the transactions total points and fees do not exceed; A. For a loan amount greater than or equal to $101,953: 3 percent of the total loan amount; B. For a loan amount greater than or equal to $61,172 but less than $101,953: $3,059; C. For a loan amount greater than or equal to $20,391 but less than $61,172: 5 percent of the total loan amount; D. For a loan amount greater than or equal to $12,744 but less than $20,391; $1,020; E. For a loan amount less than $12,744: 8 percent of the total loan amount. ii. For 2016, reflecting a .2 percent decrease in the CPI-U that was reported on the preceding June 1, a covered transaction is not a qualified mortgage unless the transactions total points and fees do not exceed; A. For a loan amount greater than or equal to $101,749: 3 percent of the total loan amount; B. For a loan amount greater than or equal to $61,050 but less than $101,749: $3,052; C. For a loan amount greater than or equal to $20,350 but less than $61,050: 5 percent of the total loan amount; D. For a loan amount greater than or equal to $12,719 but less than $20,350; $1,017; E. For a loan amount less than $12,719: 8 percent of the total loan amount. iii. For 2017, reflecting a 1.1 percent increase in the CPI-U that was reported on the preceding June 1, a covered transaction is not a qualified mortgage unless the transactions total points and fees do not exceed: A. For a loan amount greater than or equal to $102,894: 3 percent of the total loan amount; B. For a loan amount greater than or equal to $61,737 but less than $102,894: $3,087; C. For a loan amount greater than or equal to $20,579 but less than $61,737: 5 percent of the total loan amount; D. For a loan amount greater than or equal to $12,862 but less than $20,579: $1,029; E. For a loan amount less than $12,862: 8 percent of the total loan amount. iv. For 2018, reflecting a 2.2 percent increase in the CPI-U that was reported on the preceding June 1, a covered transaction is not a qualified mortgage unless the transaction's total points and fees do not exceed: A. For a loan amount greater than or equal to $105,158: 3 percent of the total loan amount; B. For a loan amount greater than or equal to $63,095 but less than $105,158: $3,155; C. For a loan amount greater than or equal to $21,032 but less than $63,095: 5 percent of the total loan amount; D. For a loan amount greater than or equal to $13,145 but less than $21,032: $1,052; E. For a loan amount less than $13,145: 8 percent of the total loan amount. v. For 2019, reflecting a 2.5 percent increase in the CPI-U that was reported on the preceding June 1, a covered transaction is not a qualified mortgage unless the transaction's total points and fees do not exceed: A. For a loan amount greater than or equal to $107,747: 3 percent of the total loan amount; B. For a loan amount greater than or equal to $64,648 but less than $107,747: $3,232; C. For a loan amount greater than or equal to $21,549 but less than $64,648: 5 percent of the total loan amount; D. For a loan amount greater than or equal to $13,468 but less than $21,549: $1,077; E. For a loan amount less than $13,468: 8 percent of the total loan amount. * * * * * Section 1026.52--Limitations on Fees * * * * * 52(b)(1)(ii) Safe harbors 1. Multiple violations of same type. i. Same billing cycle or next six billing cycles. A card issuer cannot impose a fee for a violation pursuant to Sec. 1026.52(b)(1)(ii)(B) unless a fee has previously been imposed for the same type of violation pursuant to Sec. 1026.52(b)(1)(ii)(A). Once a fee has been imposed for a violation pursuant to Sec. 1026.52(b)(1)(ii)(A), the card issuer may impose a fee pursuant to Sec. 1026.52(b)(1)(ii)(B) for any subsequent violation of the same type until that type of violation has not occurred for a period of six consecutive complete billing cycles. A fee has been imposed for purposes of Sec. 1026.52(b)(1)(ii) even if the card issuer waives or rebates all or part of the fee. A. Late payments. For purposes of Sec. 1026.52(b)(1)(ii), a late payment occurs during the billing cycle in which the payment may first be treated as late consistent with the requirements of this part and the terms or other requirements of the account. B. Returned payments. For purposes of Sec. 1026.52(b)(1)(ii), a returned payment occurs during the billing cycle in which the payment is returned to the card issuer. C. Transactions that exceed the credit limit. For purposes of Sec. 1026.52(b)(1)(ii), a transaction that exceeds the credit limit for [[Page 43507]] an account occurs during the billing cycle in which the transaction occurs or is authorized by the card issuer. D. Declined access checks. For purposes of Sec. 1026.52(b)(1)(ii), a check that accesses a credit card account is declined during the billing cycle in which the card issuer declines payment on the check. ii. Relationship to Sec. Sec. 1026.52(b)(2)(ii) and 1026.56(j)(1). If multiple violations are based on the same event or transaction such that Sec. 1026.52(b)(2)(ii) prohibits the card issuer from imposing more than one fee, the event or transaction constitutes a single violation for purposes of Sec. 1026.52(b)(1)(ii). Furthermore, consistent with Sec. 1026.56(j)(1)(i), no more than one violation for exceeding an account's credit limit can occur during a single billing cycle for purposes of Sec. 1026.52(b)(1)(ii). However, Sec. 1026.52(b)(2)(ii) does not prohibit a card issuer from imposing fees for exceeding the credit limit in consecutive billing cycles based on the same over-the-limit transaction to the extent permitted by Sec. 1026.56(j)(1). In these circumstances, the second and third over-the-limit fees permitted by Sec. 1026.56(j)(1) may be imposed pursuant to Sec. 1026.52(b)(1)(ii)(B). See comment 52(b)(2)(ii)-1. iii. Examples. The following examples illustrate the application of Sec. 1026.52(b)(1)(ii)(A) and (b)(1)(ii)(B) with respect to credit card accounts under an open-end (not home-secured) consumer credit plan that are not charge card accounts. For purposes of these examples, assume that the billing cycles for the account begin on the first day of the month and end on the last day of the month and that the payment due date for the account is the twenty-fifth day of the month. A. Violations of same type (late payments). A required minimum periodic payment of $50 is due on March 25. On March 26, a late payment has occurred because no payment has been received. Accordingly, consistent with Sec. 1026.52(b)(1)(ii)(A), the card issuer imposes a $25 late payment fee on March 26. In order for the card issuer to impose a $35 late payment fee pursuant to Sec. 1026.52(b)(1)(ii)(B), a second late payment must occur during the April, May, June, July, August, or September billing cycles. 1. The card issuer does not receive any payment during the March billing cycle. A required minimum periodic payment of $100 is due on April 25. On April 20, the card issuer receives a $50 payment. No further payment is received during the April billing cycle. Accordingly, consistent with Sec. 1026.52(b)(1)(ii)(B), the card issuer may impose a $35 late payment fee on April 26. Furthermore, the card issuer may impose a $35 late payment fee for any late payment that occurs during the May, June, July, August, September, or October billing cycles. 2. Same facts as in paragraph A above. On March 30, the card issuer receives a $50 payment and the required minimum periodic payments for the April, May, June, July, August, and September billing cycles are received on or before the payment due date. A required minimum periodic payment of $60 is due on October 25. On October 26, a late payment has occurred because the required minimum periodic payment due on October 25 has not been received. However, because this late payment did not occur during the six billing cycles following the March billing cycle, Sec. 1026.52(b)(1)(ii) only permits the card issuer to impose a late payment fee of $25. B. Violations of different types (late payment and over the credit limit). The credit limit for an account is $1,000. Consistent with Sec. 1026.56, the consumer has affirmatively consented to the payment of transactions that exceed the credit limit. A required minimum periodic payment of $30 is due on August 25. On August 26, a late payment has occurred because no payment has been received. Accordingly, consistent with Sec. 1026.52(b)(1)(ii)(A), the card issuer imposes a $25 late payment fee on August 26. On August 30, the card issuer receives a $30 payment. On September 10, a transaction causes the account balance to increase to $1,150, which exceeds the account's $1,000 credit limit. On September 11, a second transaction increases the account balance to $1,350. On September 23, the card issuer receives the $50 required minimum periodic payment due on September 25, which reduces the account balance to $1,300. On September 30, the card issuer imposes a $25 over-the- limit fee, consistent with Sec. 1026.52(b)(1)(ii)(A). On October 26, a late payment has occurred because the $60 required minimum periodic payment due on October 25 has not been received. Accordingly, consistent with Sec. 1026.52(b)(1)(ii)(B), the card issuer imposes a $35 late payment fee on October 26. C. Violations of different types (late payment and returned payment). A required minimum periodic payment of $50 is due on July 25. On July 26, a late payment has occurred because no payment has been received. Accordingly, consistent with Sec. 1026.52(b)(1)(ii)(A), the card issuer imposes a $25 late payment fee on July 26. On July 30, the card issuer receives a $50 payment. A required minimum periodic payment of $50 is due on August 25. On August 24, a $50 payment is received. On August 27, the $50 payment is returned to the card issuer for insufficient funds. In these circumstances, Sec. 1026.52(b)(2)(ii) permits the card issuer to impose either a late payment fee or a returned payment fee but not both because the late payment and the returned payment result from the same event or transaction. Accordingly, for purposes of Sec. 1026.52(b)(1)(ii), the event or transaction constitutes a single violation. However, if the card issuer imposes a late payment fee, Sec. 1026.52(b)(1)(ii)(B) permits the issuer to impose a fee of $35 because the late payment occurred during the six billing cycles following the July billing cycle. In contrast, if the card issuer imposes a returned payment fee, the amount of the fee may be no more than $25 pursuant to Sec. 1026.52(b)(1)(ii)(A). 2. Adjustments based on Consumer Price Index. For purposes of Sec. 1026.52(b)(1)(ii)(A) and (b)(1)(ii)(B), the Bureau shall calculate each year price level adjusted amounts using the Consumer Price Index in effect on June 1 of that year. When the cumulative change in the adjusted minimum value derived from applying the annual Consumer Price level to the current amounts in Sec. 1026.52(b)(1)(ii)(A) and (b)(1)(ii)(B) has risen by a whole dollar, those amounts will be increased by $1.00. Similarly, when the cumulative change in the adjusted minimum value derived from applying the annual Consumer Price level to the current amounts in Sec. 1026.52(b)(1)(ii)(A) and (b)(1)(ii)(B) has decreased by a whole dollar, those amounts will be decreased by $1.00. The Bureau will publish adjustments to the amounts in Sec. 1026.52(b)(1)(ii)(A) and (b)(1)(ii)(B). i. Historical thresholds. A. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $25 under Sec. 1026.52(b)(1)(ii)(A) and $35 under Sec. 1026.52(b)(1)(ii)(B), through December 31, 2013. B. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $26 under Sec. 1026.52(b)(1)(ii)(A) and $37 under Sec. 1026.52(b)(1)(ii)(B), through December 31, 2014. C. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under Sec. 1026.52(b)(1)(ii)(A) and $38 under Sec. 1026.52(b)(1)(ii)(B), through December 31, 2015. D. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under Sec. 1026.52(b)(1)(ii)(A), through December 31, 2016. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $37 under Sec. 1026.52(b)(1)(ii)(B), through June 26, 2016, and $38 under Sec. 1026.52(b)(1)(ii)(B) from June 27, 2016 through December 31, 2016. E. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under Sec. 1026.52(b)(1)(ii)(A) and $38 under Sec. 1026.52(b)(1)(ii)(B), through December 31, 2017. F. Card issuers were permitted to impose a fee for violating the terms of an agreement if the fee did not exceed $27 under Sec. 1026.52(b)(1)(ii)(A) and $38 under Sec. 1026.52(b)(1)(ii)(B), through December 31, 2018. 3. Delinquent balance for charge card accounts. Section 1026.52(b)(1)(ii)(C) provides that, when a charge card issuer that requires payment of outstanding balances in full at the end of each billing cycle has not received the required payment for two or more consecutive billing cycles, the card issuer may impose a late payment fee that does not exceed three percent of the delinquent balance. For purposes of Sec. 1026.52(b)(1)(ii)(C), the delinquent balance is any previously billed amount that remains unpaid at the time the late payment fee is imposed pursuant to Sec. 1026.52(b)(1)(ii)(C). Consistent with Sec. 1026.52(b)(2)(ii), a charge card issuer that imposes a fee pursuant to Sec. 1026.52(b)(1)(ii)(C) with respect to a late payment may not impose a fee pursuant to Sec. 1026.52(b)(1)(ii)(B) with respect to the same late payment. The following examples illustrate the application of Sec. 1026.52(b)(1)(ii)(C): i. Assume that a charge card issuer requires payment of outstanding balances in full at [[Page 43508]] the end of each billing cycle and that the billing cycles for the account begin on the first day of the month and end on the last day of the month. At the end of the June billing cycle, the account has a balance of $1,000. On July 5, the card issuer provides a periodic statement disclosing the $1,000 balance consistent with Sec. 1026.7. During the July billing cycle, the account is used for $300 in transactions, increasing the balance to $1,300. At the end of the July billing cycle, no payment has been received and the card issuer imposes a $25 late payment fee consistent with Sec. 1026.52(b)(1)(ii)(A). On August 5, the card issuer provides a periodic statement disclosing the $1,325 balance consistent with Sec. 1026.7. During the August billing cycle, the account is used for $200 in transactions, increasing the balance to $1,525. At the end of the August billing cycle, no payment has been received. Consistent with Sec. 1026.52(b)(1)(ii)(C), the card issuer may impose a late payment fee of $40, which is 3% of the $1,325 balance that was due at the end of the August billing cycle. Section 1026.52(b)(1)(ii)(C) does not permit the card issuer to include the $200 in transactions that occurred during the August billing cycle. ii. Same facts as above except that, on August 25, a $100 payment is received. Consistent with Sec. 1026.52(b)(1)(ii)(C), the card issuer may impose a late payment fee of $37, which is 3% of the unpaid portion of the $1,325 balance that was due at the end of the August billing cycle ($1,225). iii. Same facts as in paragraph A above except that, on August 25, a $200 payment is received. Consistent with Sec. 1026.52(b)(1)(ii)(C), the card issuer may impose a late payment fee of $34, which is 3% of the unpaid portion of the $1,325 balance that was due at the end of the August billing cycle ($1,125). In the alternative, the card issuer may impose a late payment fee of $35 consistent with Sec. 1026.52(b)(1)(ii)(B). However, Sec. 1026.52(b)(2)(ii) prohibits the card issuer from imposing both fees. * * * * * Dated: August 16, 2018. Mick Mulvaney, Acting Director, Bureau of Consumer Financial Protection. [FR Doc. 2018-18209 Filed 8-24-18; 8:45 am] BILLING CODE 4810-AM-P
![Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Rules and Regulations 43503
persons were invited to attend the List of Subjects in 7 CFR Part 948 DATES: This final rule is effective
meetings and participate in Committee Marketing agreements, Potatoes, January 1, 2019.
deliberations on all issues. Like all Reporting and recordkeeping FOR FURTHER INFORMATION CONTACT:
Committee meetings, the March 15, requirements. Monique Chenault, Paralegal, and
2018, meeting was a public meeting and Shelley Thompson, Counsel, Office of
For the reasons set forth in the
all entities, both large and small, were Regulations, at (202) 435–7700. If you
preamble, 7 CFR part 948 is amended as
able to express views on this issue. require this document in an alternative
follows:
In accordance with the Paperwork electronic format, please contact CFPB_
Reduction Act of 1995 (44 U.S.C. PART 948—IRISH POTATOES GROWN Accessibility@cfpb.gov.
Chapter 35), the Order’s information IN COLORADO SUPPLEMENTARY INFORMATION: The
collection requirements have been Bureau is amending the regulation text
previously approved by the OMB and ■ 1. The authority citation for 7 CFR and official interpretations for
assigned OMB No. 0581–0178, part 948 continues to read as follows: Regulation Z, which implements TILA,
Vegetable and Specialty Crops. No Authority: 7 U.S.C. 601–674. to update the dollar amounts of various
changes in those requirements are thresholds that are adjusted annually
necessary as a result of this action. ■ 2. Section 948.216 is revised to read
as follows: based on the annual percentage change
Should any changes become necessary, in the CPI as published by the Bureau
they would be submitted to OMB for § 948.216 Assessment rate. of Labor Statistics (BLS). Specifically,
approval. for open-end consumer credit plans
On and after September 1, 2018, an
This rule imposes no additional assessment rate of $0.006 per under TILA, the threshold that triggers
reporting or recordkeeping requirements hundredweight is established for requirements to disclose minimum
on either small or large Colorado potato Colorado Area No. 2 potatoes. interest charges will remain unchanged
handlers. As with all Federal marketing at $1.00 in 2019. For open-end
order programs, reports and forms are Dated: August 22, 2018
consumer credit plans under the CARD
periodically reviewed to reduce Bruce Summers,
Act amendments to TILA, the adjusted
information requirements and Administrator, Agricultural Marketing dollar amount in 2019 for the safe
duplication by industry and public Service.
harbor for a first violation penalty fee
sector agencies. As mentioned in the [FR Doc. 2018–18560 Filed 8–24–18; 8:45 am] will increase by $1 to $28 and the
initial regulatory flexibility analysis, BILLING CODE 3410–02–P adjusted dollar amount for the safe
USDA has not identified any relevant harbor for a subsequent violation
Federal rules that duplicate, overlap, or penalty fee will increase by $1 to $39.
conflict with this final rule. BUREAU OF CONSUMER FINANCIAL For HOEPA loans, the adjusted total
AMS is committed to complying with PROTECTION loan amount threshold for high-cost
the E-Government Act, to promote the mortgages in 2019 will be $21,549. The
use of the internet and other 12 CFR Part 1026 adjusted points-and-fees dollar trigger
information technologies to provide for high-cost mortgages in 2019 will be
increased opportunities for citizen Truth in Lending (Regulation Z) Annual
$1,077. For qualified mortgages, which
access to Government information and Threshold Adjustments (Credit Cards,
receive certain protections from liability
services, and for other purposes. HOEPA, and Qualified Mortgages)
under the ability-to-repay rule, the
A proposed rule concerning this AGENCY: Bureau of Consumer Financial maximum thresholds for total points
action was published in the Federal Protection. and fees in 2019 will be 3 percent of the
Register on May 24, 2018 (83 FR 24045). ACTION: Final rule; official total loan amount for a loan greater than
A copy of the proposed rule was interpretation. or equal to $107,747; $3,232 for a loan
provided to the handlers by the amount greater than or equal to $64,648
Committee. Finally, the proposal was SUMMARY: The Bureau of Consumer but less than $107,747; 5 percent of the
made available through the internet by Financial Protection (Bureau) is issuing total loan amount for a loan greater than
USDA and the Office of the Federal this final rule amending the regulation or equal to $21,549 but less than
Register. A 30-day comment period text and official interpretations for $64,648; $1,077 for a loan amount
ending June 25, 2018, was provided for Regulation Z, which implements the greater than or equal to $13,468 but less
interested persons to respond to the Truth in Lending Act (TILA). The than $21,549; and 8 percent of the total
proposal. No comments were received. Bureau is required to calculate annually loan amount for a loan amount less than
A small business guide on complying the dollar amounts for several $13,468.
with fruit, vegetable, and specialty crop provisions in Regulation Z; this final
marketing agreements and orders may rule revises, as applicable, the dollar I. Background
be viewed at: http://www.ams.usda.gov/ amounts for provisions implementing A. Credit Card Annual Adjustments
rules-regulations/moa/small-businesses. TILA and amendments to TILA,
Any questions about the compliance including under the Credit Card Minimum Interest Charge Disclosure
guide should be sent to Richard Lower Accountability Responsibility and Thresholds
at the previously mentioned address in Disclosure Act of 2009 (CARD Act), the Sections 1026.6(b)(2)(iii) and
the FOR FURTHER INFORMATION CONTACT Home Ownership and Equity Protection 1026.60(b)(3) of Regulation Z implement
section. Act of 1994 (HOEPA), and the Dodd- sections 127(a)(3) and 127(c)(1)(A)(ii)(II)
After consideration of all relevant Frank Wall Street Reform and Consumer of TILA. Sections 1026.6(b)(2)(iii) and
amozie on DSK3GDR082PROD with RULES
material presented, including the Protection Act (Dodd-Frank Act). The 1026.60(b)(3) require the disclosure of
information and recommendation Bureau is adjusting these amounts, any minimum interest charge exceeding
submitted by the Committee and other where appropriate, based on the annual $1.00 that could be imposed during a
available information, it is hereby found percentage change reflected in the billing cycle and provide that, for open-
that this rule will tend to effectuate the Consumer Price Index (CPI) in effect on end consumer credit plans, the
declared policy of the Act. June 1, 2018. minimum interest charge thresholds
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![43508 Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Rules and Regulations
the end of each billing cycle and that the SUMMARY: This action modifies the purchased by the proponent for that
billing cycles for the account begin on the restricted airspace at the Townsend purpose. R–3007E is outside the land
first day of the month and end on the last day Bombing Range, GA (Range), by purchase area, therefore it is not
of the month. At the end of the June billing
expanding the lateral limits of R–3007A possible to lower the floor below 100
cycle, the account has a balance of $1,000.
On July 5, the card issuer provides a periodic to allow construction of additional feet AGL at this time.
statement disclosing the $1,000 balance targets and impact areas. The
Differences From NPRM
consistent with § 1026.7. During the July modification is needed so that precision
billing cycle, the account is used for $300 in guided munitions (PGM) can be used on The NPRM contained an error in the
transactions, increasing the balance to the range. The changes are completely 15th coordinate listed for R–3007A. The
$1,300. At the end of the July billing cycle, contained within the existing outer longitude for that point was listed as
no payment has been received and the card boundaries of the R–3007 complex. ‘‘91°36′32″ W.’’ The correct point is
issuer imposes a $25 late payment fee ‘‘81°36′32″ W.’’
consistent with § 1026.52(b)(1)(ii)(A). On DATES: Effective date 0901 UTC,
The NPRM listed the ‘‘Air National
August 5, the card issuer provides a periodic November 8, 2018.
Guard (ANG), Savannah Combat
statement disclosing the $1,325 balance FOR FURTHER INFORMATION CONTACT: Paul
consistent with § 1026.7. During the August
Readiness Training Center (CRTC),’’ as
Gallant, Airspace Policy Group, Office the using agency in the description of
billing cycle, the account is used for $200 in of Airspace Services, Federal Aviation
transactions, increasing the balance to R–3007E. Since the publication of the
Administration, 800 Independence NPRM, using agency responsibilities for
$1,525. At the end of the August billing
cycle, no payment has been received. Avenue SW, Washington, DC 20591; the Range were transferred from the
Consistent with § 1026.52(b)(1)(ii)(C), the telephone: (202) 267–8783. ANG to the U.S. Marine Corps (USMC).
card issuer may impose a late payment fee of SUPPLEMENTARY INFORMATION: On June 28, 2017, the FAA published in
$40, which is 3% of the $1,325 balance that the Federal Register a final rule that
was due at the end of the August billing Authority for This Rulemaking
cycle. Section 1026.52(b)(1)(ii)(C) does not
changed the using agency for the
The FAA’s authority to issue rules restricted areas to the USMC, Marine
permit the card issuer to include the $200 in regarding aviation safety is found in
transactions that occurred during the August Corps Air Station Beaufort, SC (82 FR
billing cycle.
Title 49 of the United States Code. 29229), Docket No. FAA–2017–0585.
ii. Same facts as above except that, on Subtitle I, Section 106 describes the The USMC has assumed responsibility
August 25, a $100 payment is received. authority of the FAA Administrator. for management and operation of the
Consistent with § 1026.52(b)(1)(ii)(C), the Subtitle VII, Aviation Programs, Townsend Range. This change is
card issuer may impose a late payment fee of describes in more detail the scope of the reflected in the description of R–3007E,
$37, which is 3% of the unpaid portion of agency’s authority. This rulemaking is
the $1,325 balance that was due at the end
below.
promulgated under the authority
of the August billing cycle ($1,225). described in Subtitle VII, Part A, The Rule
iii. Same facts as in paragraph A above
except that, on August 25, a $200 payment
Subpart I, Section 40103. Under that The FAA is amending 14 CFR part 73
is received. Consistent with section, the FAA is charged with to expand restricted area R–3007A by
§ 1026.52(b)(1)(ii)(C), the card issuer may prescribing regulations to assign the use merging the part of R–3007C that
impose a late payment fee of $34, which is of the airspace necessary to ensure the overlies a land parcel acquired by the
3% of the unpaid portion of the $1,325 safety of aircraft and the efficient use of U.S. Marine Corps into R–3007A. The
balance that was due at the end of the August airspace. This regulation is within the floor of R–3007C is 100 feet AGL. By
billing cycle ($1,125). In the alternative, the scope of that authority as it modifies adding the airspace over this land parcel
card issuer may impose a late payment fee of restricted airspace to accommodate
$35 consistent with § 1026.52(b)(1)(ii)(B).
into R–3007A, the restricted area floor
However, § 1026.52(b)(2)(ii) prohibits the
military training requirements. in that area will be lowered from 100
card issuer from imposing both fees. History feet AGL down to ground level. The
* * * * * small slice of restricted airspace, with a
The FAA published a notice of 100-foot AGL floor, between the east
Dated: August 16, 2018. proposed rulemaking for Docket No. boundary of the expanded R–3007A,
Mick Mulvaney, FAA–2015–3338 in the Federal Register and the west boundary of R–3007B, is
Acting Director, Bureau of Consumer (80 FR 60573; October 7, 2015), to redesignated as R–3007E. R–3007E
Financial Protection. expand the lateral limits of restricted extends from 100 feet AGL up to, but
[FR Doc. 2018–18209 Filed 8–24–18; 8:45 am] area R–3007A, Townsend, GA. not including, 13,000 feet MSL.
BILLING CODE 4810–AM–P Interested parties were invited to Minor corrections are made to several
participate in this rulemaking effort by boundary coordinates for R–3007B, R–
submitting written comments on the 3007C, and R–3007D to match the
DEPARTMENT OF TRANSPORTATION proposal. The comment period closed current National Hydrology Dataset that
November 23, 2015. One comment was defines the Altamaha River boundary
Federal Aviation Administration received from a member of the public. where that river forms the boundary of
Discussion of Comment the restricted areas.
14 CFR Part 73 This rule provides the additional
The commenter suggested that the ground-level restricted airspace needed
[Docket No. FAA–2015–3338; Airspace floor of the proposed R–3007E be
Docket No. 15–ASO–7]
for the construction of targets and
lowered from 100 feet above ground impact areas so that PGM can safely be
RIN 2120–AA66 level (AGL); to the surface in order to employed at the Range.
allow the opportunity to add more
amozie on DSK3GDR082PROD with RULES
Modification and Establishment of targets in the future. To designate the Regulatory Notices and Analyses
Restricted Areas; Townsend, GA surface as the floor of a restricted area, The FAA has determined that this
AGENCY: Federal Aviation the proponent must own, or otherwise regulation only involves an established
Administration (FAA), DOT. control, the underlying land. The body of technical regulations for which
expansion of R–3007A, which extends frequent and routine amendments are
ACTION: Final rule.
to the surface, encompasses land necessary to keep them operationally
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Document Created: 2018-08-25 01:49:24
Document Modified: 2018-08-25 01:49:24
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule; official interpretation. | |
| Dates | This final rule is effective January 1, 2019. | |
| Contact | Monique Chenault, Paralegal, and Shelley Thompson, Counsel, Office of Regulations, at (202) 435-7700. If you require this document in an alternative electronic format, please contact [email protected] | |
| FR Citation | 83 FR 43503 | |
| CFR Associated | Advertising; Consumer Protection; Credit; Credit Unions; Mortgages; National Banks; Reporting and Recordkeeping Requirements; Savings Associations and Truth in Lending |
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