On Compliance: Regulation Z thresholds updated

Limits for credit card fees and mortgage points and fees are changing.

Trying to keep up with compliance these days can feel as if you might be running in circles, or if you are like me, paying the price in the form of an abundant loss of hair. New rules and requirements continue to be released, seemingly on a weekly basis. While staying current on these new requirements, credit unions also need to be aware of the annual threshold updates to certain regulations.

The Consumer Financial Protection Bureau recently published a final rule revising dollar amounts for certain regulations falling under Regulation Z (1) that implement the CARD Act safe-harbor penalty fee amounts, (2) for points and fees related to the Home Ownership and Equity Protection Act (here’s a compliance guide ), and (3) for loan amount, point and fee limits under the ability-to-repay and qualified mortgage provisions of the Dodd-Frank Act.

All of these threshold adjustments will be effective Jan. 1, 2017, except the credit card penalty fee amounts.

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