Federal Reserve and CFPB Announce Increased Dollar Thresholds for 2024 Regulations Z and M

DebtImage by Mary Pahlke

The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) recently announced the updated dollar thresholds that will determine the applicability of certain requirements under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for consumer credit and lease transactions in 2024.

These adjustments are required by law, based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Transactions at or below these thresholds will be subject to the protections offered by these regulations.

Specifically, following the annual percentage increase in the CPI-W as of June 1, 2023, both Regulation Z and Regulation M will generally apply to consumer credit transactions and consumer leases of $69,500 or less in 2024.

However, it’s important to note that private education loans and loans secured by real property, such as mortgages, will continue to be subject to Regulation Z irrespective of the loan amount.

Read the Consumer Leasing (Regulation M) here.

Read the Truth in Lending (Regulation Z) here.

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