The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA), generally to address the anticipated sunset of LIBOR, which is expected to be discontinued for most U.S. Dollar (USD) tenors in June 2023.
Rules listed here are final rules issued by the CFPB. To identify all the rules related to a single consumer financial product, use the filter tool below.
Types of final rules
Other than interim final rules, this includes all CFPB final rules, including procedural and interpretive rules. Generally, final rules go through notice and comment before issuance.
Interim Final Rule
Under some circumstances, the CFPB may issue final rules without a comment period before issuance. The CFPB may request comment on these rules and may later alter the rules, if necessary.
Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
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, 2021.
Technical Specifications for Credit Card Agreement and Data Submissions Required under TILA and the CARD Act (Regulation Z)
The Bureau is issuing technical specifications for credit card agreement and data submissions required under TILA and the CARD Act.
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act, and the official interpretation to that regulation, to temporarily suspend card issuers' obligations to submit credit card agreements to the Bureau for a period of one year (i.e., four quarterly submissions), in order to reduce burden while the Bureau works to develop a more streamlined and automated electronic submission system.
The final rule amends Regulation Z to remove the requirement that issuers consider the consumer's independent ability to pay for applicants who are 21 or older, and permits issuers to consider income and assets to which such consumers have a reasonable expectation of access.
Regulation Z generally limits the total amount of fees that a credit card issuer may require a consumer to pay with respect to an account to 25 percent of the credit limit in effect when the account is opened. This final rule amends Regulation Z to apply the limitation only during the first year after account opening.