Truth in Lending (Regulation Z), 56483-56485 [2014-21849]
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Federal Register / Vol. 79, No. 183 / Monday, September 22, 2014 / Rules and Regulations
2015, the threshold amount is $54,600.
These revisions are effective January 1,
2015.
III. Administrative Law Matters
Administrative Procedure Act
Under the Administrative Procedure
Act, notice and opportunity for public
comment are not required if the Board
and the Bureau find that notice and
public comment are impracticable,
unnecessary, or contrary to the public
interest.6 This annual adjustment is
required by statute. The amendment in
this notice is technical and nondiscretionary, and it applies the method
previously established in the agencies’
regulations for determining adjustments
to the exemption threshold. For these
reasons, the Board and the Bureau have
determined that publishing a notice of
proposed rulemaking and providing
opportunity for public comment are
unnecessary. Therefore, the
amendments are adopted in final form.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA)
does not apply to a rulemaking where a
general notice of proposed rulemaking
is not required.7 As noted previously,
the agencies have determined that it is
unnecessary to publish a general notice
of proposed rulemaking for this joint
final rule. Accordingly, the RFA’s
requirements relating to an initial and
final regulatory flexibility analysis do
not apply.
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act of 1995,8 the agencies
reviewed this final rule. No collections
of information pursuant to the
Paperwork Reduction Act are contained
in the final rule.
List of Subjects
Board of Governors of the Federal
Reserve System
Text of Final Revisions
For the reasons set forth in the
preamble, the Board amends Regulation
M, 12 CFR part 213, as set forth below:
Advertising, Consumer leasing,
Consumer protection, Federal Reserve
System, Reporting and recordkeeping
requirements.
[FR Doc. 2014–21847 Filed 9–19–14; 8:45 am]
1. The authority citation for part 213
is revised to read as follows:
FEDERAL RESERVE SYSTEM
Authority: 15 U.S.C. 1604 and 1667f; Pub.
L. No. 111–203 section 1100E, 124 Stat. 1376.
12 CFR Part 226
2. In Supplement I to Part 213, under
Section 213.2—Definitions, under 2(e)
Consumer Lease, paragraph 9.vi is
added to read as follows:
■
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16:51 Sep 19, 2014
Truth in Lending (Regulation Z)
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Section 213.2—Definitions
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Authority and Issuance
For the reasons set forth in the
preamble, the Bureau amends
Regulation M, 12 CFR part 1013, as set
forth below:
PART 1013—CONSUMER LEASING
(REGULATION M)
1. The authority citation for part 1013
is revised to read as follows:
■
Authority: 15 U.S.C. 1604 and 1667f; Pub.
L. 111–203 section 1100E, 124 Stat. 1376.
2. In Supplement I to part 1013, under
Section 1013.2—Definitions, under 2(e)
Consumer Lease, paragraph 9.vi is
added to read as follows:
Supplement I to Part 1013—Official
Interpretations
*
*
*
*
*
*
*
*
2(e) Consumer Lease. * * *
9. Threshold amount. * * *
vi. From January 1, 2015 through December
31, 2015, the threshold amount is $54,600.
PO 00000
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Frm 00007
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Fmt 4700
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Sfmt 4700
The Board and the Bureau are
publishing final rules amending the
official interpretations and commentary
for the agencies’ regulations that
implement the Truth in Lending Act
(TILA). The Dodd-Frank Wall Street
Reform and Consumer Protection Act
(Dodd-Frank Act) amended TILA by
requiring that the dollar threshold for
exempt consumer credit transactions be
adjusted annually by any annual
percentage increase in the Consumer
Price Index for Urban Wage Earners and
Clerical Workers (CPI–W). Based on the
annual percentage increase in the CPI–
W as of June 1, 2014, the Board and the
Bureau are adjusting the exemption
threshold to $54,600, effective January
1, 2015.
Because the Dodd-Frank Act also
requires similar adjustments in the
Consumer Leasing Act’s threshold for
exempt consumer leases, the Board and
the Bureau are making similar
amendments to each of their respective
regulations implementing the Consumer
Leasing Act in a joint rulemaking
published elsewhere in this issue of the
Federal Register.
DATES: This final rule is effective
January 1, 2015.
FOR FURTHER INFORMATION CONTACT:
Board: Vivian W. Wong, Counsel,
Division of Consumer and Community
Affairs, Board of Governors of the
Federal Reserve System, at (202) 452–
SUMMARY:
Bureau of Consumer Financial
Protection
*
Board of Governors of the
Federal Reserve System (Board); and
Bureau of Consumer Financial
Protection (Bureau).
ACTION: Final rule; official
interpretations and commentary.
AGENCY:
*
2(e) Consumer lease.
9. Threshold amount. * * *
vi. From January 1, 2015 through December
31, 2015, the threshold amount is $54,600.
*
Jkt 232001
BUREAU OF CONSUMER FINANCIAL
PROTECTION
*
Section 1013.2—Definitions
VerDate Sep<11>2014
RIN 7100 ZA–08
12 CFR Part 1026
Advertising, Consumer leasing,
Reporting and recordkeeping
requirements.
5 U.S.C. 553(b)(B).
5 U.S.C. 603 and 604.
8 44 U.S.C. 3506; 5 CFR 1320.
[Docket No. R–1494]
Supplement I to Part 213—Official Staff
Interpretations
*
7 See
BILLING CODE 6210–01–P; 4810–AM–P
■
12 CFR Part 1013
6 See
By order of the Board of Governors of the
Federal Reserve System, September 8, 2014.
Robert deV. Frierson,
Secretary of the Board.
Dated: September 3, 2014.
Richard Cordray,
Director, Bureau of Consumer Financial
Protection.
PART 213—CONSUMER LEASING
(REGULATION M)
■
12 CFR Part 213
56483
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56484
Federal Register / Vol. 79, No. 183 / Monday, September 22, 2014 / Rules and Regulations
3667; for users of Telecommunications
Device for the Deaf (TDD) only, contact
(202) 263–4869.
Bureau: David Friend, Counsel, Office
of Regulations, Bureau of Consumer
Financial Protection, at (202) 435–7700.
SUPPLEMENTARY INFORMATION:
I. Background
asabaliauskas on DSK5VPTVN1PROD with RULES
The Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010
(Dodd-Frank Act) increased the
threshold in the Truth in Lending Act
(TILA) for exempt consumer credit
transactions 1 from $25,000 to $50,000,
effective July 21, 2011.2 In addition, the
Dodd-Frank Act requires that this
threshold be adjusted annually for
inflation by the annual percentage
increase in the Consumer Price Index
for Urban Wage Earners and Clerical
Workers (CPI–W), as published by the
Bureau of Labor Statistics. In April
2011, the Board issued a final rule
amending Regulation Z (which
implements TILA) consistent with these
provisions of the Dodd-Frank Act.3
Title X of the Dodd-Frank Act
transferred rulemaking authority for a
number of consumer financial
protection laws from the Board to the
Bureau, effective July 21, 2011. In
connection with this transfer of
rulemaking authority, the Bureau issued
its own Regulation Z implementing
TILA in an interim final rule, 12 CFR
part 1026 (Bureau Interim Final Rule).4
The Bureau Interim Final Rule
substantially duplicated the Board’s
Regulation Z, including the revisions to
the threshold for exempt transactions
made by the Board in April 2011.
Although the Bureau has the authority
to issue rules to implement TILA for
most entities, the Board retains
authority to issue rules under TILA for
certain motor vehicle dealers covered by
section 1029(a) of the Dodd-Frank Act,
and the Board’s Regulation Z continues
to apply to those entities.5
Section 226.3(b)(1)(ii) of the Board’s
Regulation Z and § 1026.3(b)(1)(ii) of the
Bureau’s Regulation Z, and their
accompanying commentaries, provide
that the exemption threshold will be
adjusted annually effective January 1 of
each year based on any annual
1 Although consumer credit transactions above
the threshold are generally exempt, loans secured
by real property or by personal property used or
expected to be used as the principal dwelling of a
consumer and private education loans are covered
by TILA regardless of the loan amount. See 12 CFR
226.3(b)(1)(i) and 12 CFR 1026.3(b)(1)(i).
2 Public Law 111–203 section 1100E, 124 Stat.
1376 (2010).
3 76 FR 18354 (Apr. 4, 2011).
4 76 FR 79768 (Dec. 22, 2011).
5 See also 12 U.S.C. 5519(b).
VerDate Sep<11>2014
16:51 Sep 19, 2014
Jkt 232001
percentage increase in the CPI–W that
was in effect on the preceding June 1.
Any increase in the threshold amount
will be rounded to the nearest $100
increment. For example, if the annual
percentage increase in the CPI–W would
result in a $950 increase in the
threshold amount, the threshold amount
will be increased by $1,000. However, if
the annual percentage increase in the
CPI–W would result in a $949 increase
in the threshold amount, the threshold
amount will be increased by $900.6
II. Adjustment and Commentary
Revision
Effective January 1, 2015, the adjusted
exemption threshold amount is $54,600.
This adjustment is based on the CPI–W
index in effect on June 1, 2014, which
was reported on May 15, 2014. The
Bureau of Labor Statistics publishes
consumer-based indices monthly, but
does not report a CPI change on June 1;
adjustments are reported in the middle
of the month. The CPI–W is a subset of
the CPI–U index (based on all urban
consumers) and represents
approximately 28 percent of the U.S.
population. The adjustment reflects a 2
percent increase in the CPI–W from
April 2013 to April 2014 and is rounded
to the nearest $100 increment.
Accordingly, the Board and the Bureau
are revising the commentaries to their
respective regulations to add new
comment 3(b)–1.vi to state that, from
January 1, 2015 through December 31,
2015, the threshold amount is $54,600.
These revisions are effective January 1,
2015.
III. Administrative Law Matters
Administrative Procedure Act
Under the Administrative Procedure
Act, notice and opportunity for public
comment are not required if the Board
and the Bureau find that notice and
public comment are impracticable,
unnecessary, or contrary to the public
interest.7 This annual adjustment is
required by statute. The amendment in
this notice is technical and nondiscretionary, and it applies the method
previously established in the agencies’
regulations for determining adjustments
to the exemption threshold. For these
reasons, the Board and the Bureau have
determined that publishing a notice of
proposed rulemaking and providing
opportunity for public comment are
unnecessary. Therefore, the
amendments are adopted in final form.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA)
does not apply to a rulemaking where a
general notice of proposed rulemaking
is not required.8 As noted previously,
the agencies have determined that it is
unnecessary to publish a general notice
of proposed rulemaking for this joint
final rule. Accordingly, the RFA’s
requirements relating to an initial and
final regulatory flexibility analysis do
not apply.
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act of 1995,9 the agencies
reviewed this final rule. No collections
of information pursuant to the
Paperwork Reduction Act are contained
in the final rule.
List of Subjects
12 CFR Part 226
Advertising, Consumer protection,
Federal Reserve System, Reporting and
recordkeeping requirements, Truth in
lending.
12 CFR Part 1026
Advertising, Consumer protection,
Credit, Credit unions, Mortgages,
National banks, Reporting and
recordkeeping requirements, Savings
associations, Truth in lending.
Board of Governors of the Federal
Reserve System
Text of Final Revisions
For the reasons set forth in the
preamble, the Board amends Regulation
Z, 12 CFR part 226, as set forth below:
PART 226—TRUTH IN LENDING
(REGULATION Z)
1. The authority citation for part 226
continues to read as follows:
■
Authority: 12 U.S.C. 3806; 15 U.S.C. 1604,
1637(c)(5), and 1639(l); Pub. L. 111–24
section 2, 123 Stat. 1734; Pub. L. 111–203,
124 Stat. 1376.
Subpart A—General
2. In Supplement I to part 226, under
Section 226.3—Exempt Transactions,
under 3(b) Credit over applicable
threshold amount, paragraph 1.vi is
added to read as follows:
■
Supplement I to Part 226—Official Staff
Interpretations
*
*
*
comments 3(b)–1 in Supplements I of 12
CFR part 226 and 12 CFR part 1026.
7 5 U.S.C. 553(b)(B).
*
*
*
Subpart A—General
*
*
*
*
6 See
PO 00000
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85
U.S.C. 603 and 604.
U.S.C. 3506; 5 CFR 1320.
9 44
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Federal Register / Vol. 79, No. 183 / Monday, September 22, 2014 / Rules and Regulations
Section 226.3—Exempt Transactions
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DEPARTMENT OF TRANSPORTATION
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3(b) Credit over applicable threshold
amount.
1. Threshold amount. * * *
vi. From January 1, 2015 through December
31, 2015, the threshold amount is $54,600.
*
*
*
*
*
Federal Aviation Administration
14 CFR Part 25
[Docket No. FAA–2013–0900; Special
Conditions No. 25–540–SC]
Bureau of Consumer Financial
Protection
Special Conditions: Airbus Model
A350–900 airplane; General Limiting
Requirements
Authority and Issuance
AGENCY:
Federal Aviation
Administration (FAA), DOT.
ACTION: Final special conditions.
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)
1. The authority citation for part 1026
continues to read as follows:
■
Authority: 12 U.S.C. 2601, 2603–2605,
2607, 2609, 2617, 5511, 5512, 5532, 5581; 15
U.S.C. 1601 et seq.
2. In Supplement I to part 1026, under
Section 1026.3—Exempt Transactions,
under 3(b) Credit Over Applicable
Threshold Amount, paragraph 1.vi is
added to read as follows:
■
Supplement I to Part 1026—Official
Interpretations
*
*
*
*
*
Subpart A—General
*
*
*
*
*
Section 1026.3—Exempt Transactions
*
*
*
*
*
3(b) Credit Over Applicable Threshold
Amount
1. Threshold amount. * * *
vi. From January 1, 2015 through December
31, 2015, the threshold amount is $54,600.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, September 8, 2014.
Robert deV. Frierson.
Secretary of the Board.
Dated: September 3, 2014.
Richard Cordray,
Director, Bureau of Consumer Financial
Protection.
asabaliauskas on DSK5VPTVN1PROD with RULES
[FR Doc. 2014–21849 Filed 9–19–14; 8:45 am]
BILLING CODE 6210–01–P; 4810–AM–P
These special conditions are
issued for Airbus Model A350–900
airplanes. These airplanes will have a
novel or unusual design feature
associated with general limiting
requirements of its flight-envelope
protection features. The applicable
airworthiness regulations do not contain
adequate or appropriate safety standards
for this design feature. These special
conditions contain the additional safety
standards that the Administrator
considers necessary to establish a level
of safety equivalent to that established
by the existing airworthiness standards.
DATES: Effective September 22, 2014.
FOR FURTHER INFORMATION CONTACT: Joe
Jacobsen, FAA, Airplane and Flightcrew
Interface, ANM–111, Transport Airplane
Directorate, Aircraft Certification
Service, 1601 Lind Avenue SW.,
Renton, Washington 98057–3356;
telephone (425) 227–2011; facsimile
(425) 227–1320.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
On August 25, 2008, Airbus applied
for a type certificate for their new Model
A350–900 airplane. Later, Airbus
requested, and the FAA approved, an
extension to the application for FAA
type certification to November 15, 2009.
The Model A350–900 airplane has a
conventional layout with twin wingmounted Rolls-Royce Trent XWB
engines. It features a twin aisle, 9abreast, economy-class layout, and
accommodates side-by-side placement
of LD–3 containers in the cargo
compartment. The basic Model A350–
900 airplane configuration will
accommodate 315 passengers in a
standard two-class arrangement. The
design cruise speed is Mach 0.85 with
a maximum take-off weight of 602,000
lbs.
Type Certification Basis
Under Title 14, Code of Federal
Regulations (14 CFR) 21.17, Airbus must
show that the Model A350–900 airplane
meets the applicable provisions of 14
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16:51 Sep 19, 2014
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56485
CFR part 25, as amended by
Amendments 25–1 through 25–129.
If the Administrator finds that the
applicable airworthiness regulations
(i.e., 14 CFR part 25) do not contain
adequate or appropriate safety standards
for the Model A350–900 airplane
because of a novel or unusual design
feature, special conditions are
prescribed under § 21.16.
Special conditions are initially
applicable to the model for which they
are issued. Should the type certificate
for that model be amended later to
include any other model that
incorporates the same or similar novel
or unusual design feature, the special
conditions would also apply to the other
model under § 21.101.
In addition to the applicable
airworthiness regulations and special
conditions, the Model A350–900
airplane must comply with the fuel-vent
and exhaust-emission requirements of
14 CFR part 34, and the noisecertification requirements of 14 CFR
part 36. The FAA must issue a finding
of regulatory adequacy under § 611 of
Public Law 92–574, the ‘‘Noise Control
Act of 1972.’’
The FAA issues special conditions, as
defined in 14 CFR 11.19, under § 11.38,
and they become part of the typecertification basis under § 21.17(a)(2).
Novel or Unusual Design Features
The Airbus Model A350–900 airplane
incorporates the following novel or
unusual design features: General
limiting requirements for the flightenvelope protection system.
Discussion
These special conditions, and the
following that pertain to flight-envelope
protection, present general limiting
requirements for all the unique flightenvelope protection features of the basic
Model A350 airplane’s electronic flightcontrol system (EFCS) design. Current
regulations do not address these types of
protection features. The general limiting
requirements are necessary to ensure a
smooth transition from normal flight to
the protection mode and adequate
maneuver capability. The general
limiting requirements also ensure that
the structural limits of the airplane are
not exceeded. Furthermore, failure of
the flight-envelope protection feature
must not create hazardous flight
conditions. Envelope-protection
parameters include angle of attack,
normal load factor, bank angle, pitch
angle, and speed. To accomplish these
envelope protections, one or more
significant changes occur in the EFCS
control laws as the normal flight-
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]]>Agencies
[Federal Register Volume 79, Number 183 (Monday, September 22, 2014)]
[Rules and Regulations]
[Pages 56483-56485]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-21849]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 226
[Docket No. R-1494]
RIN 7100 ZA-08
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1026
Truth in Lending (Regulation Z)
AGENCY: Board of Governors of the Federal Reserve System (Board); and
Bureau of Consumer Financial Protection (Bureau).
ACTION: Final rule; official interpretations and commentary.
-----------------------------------------------------------------------
SUMMARY: The Board and the Bureau are publishing final rules amending
the official interpretations and commentary for the agencies'
regulations that implement the Truth in Lending Act (TILA). The Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)
amended TILA by requiring that the dollar threshold for exempt consumer
credit transactions be adjusted annually by any annual percentage
increase in the Consumer Price Index for Urban Wage Earners and
Clerical Workers (CPI-W). Based on the annual percentage increase in
the CPI-W as of June 1, 2014, the Board and the Bureau are adjusting
the exemption threshold to $54,600, effective January 1, 2015.
Because the Dodd-Frank Act also requires similar adjustments in the
Consumer Leasing Act's threshold for exempt consumer leases, the Board
and the Bureau are making similar amendments to each of their
respective regulations implementing the Consumer Leasing Act in a joint
rulemaking published elsewhere in this issue of the Federal Register.
DATES: This final rule is effective January 1, 2015.
FOR FURTHER INFORMATION CONTACT:
Board: Vivian W. Wong, Counsel, Division of Consumer and Community
Affairs, Board of Governors of the Federal Reserve System, at (202)
452-
[[Page 56484]]
3667; for users of Telecommunications Device for the Deaf (TDD) only,
contact (202) 263-4869.
Bureau: David Friend, Counsel, Office of Regulations, Bureau of
Consumer Financial Protection, at (202) 435-7700.
SUPPLEMENTARY INFORMATION:
I. Background
The Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 (Dodd-Frank Act) increased the threshold in the Truth in Lending
Act (TILA) for exempt consumer credit transactions \1\ from $25,000 to
$50,000, effective July 21, 2011.\2\ In addition, the Dodd-Frank Act
requires that this threshold be adjusted annually for inflation by the
annual percentage increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers (CPI-W), as published by the Bureau of
Labor Statistics. In April 2011, the Board issued a final rule amending
Regulation Z (which implements TILA) consistent with these provisions
of the Dodd-Frank Act.\3\
---------------------------------------------------------------------------
\1\ Although consumer credit transactions above the threshold
are generally exempt, loans secured by real property or by personal
property used or expected to be used as the principal dwelling of a
consumer and private education loans are covered by TILA regardless
of the loan amount. See 12 CFR 226.3(b)(1)(i) and 12 CFR
1026.3(b)(1)(i).
\2\ Public Law 111-203 section 1100E, 124 Stat. 1376 (2010).
\3\ 76 FR 18354 (Apr. 4, 2011).
---------------------------------------------------------------------------
Title X of the Dodd-Frank Act transferred rulemaking authority for
a number of consumer financial protection laws from the Board to the
Bureau, effective July 21, 2011. In connection with this transfer of
rulemaking authority, the Bureau issued its own Regulation Z
implementing TILA in an interim final rule, 12 CFR part 1026 (Bureau
Interim Final Rule).\4\ The Bureau Interim Final Rule substantially
duplicated the Board's Regulation Z, including the revisions to the
threshold for exempt transactions made by the Board in April 2011.
Although the Bureau has the authority to issue rules to implement TILA
for most entities, the Board retains authority to issue rules under
TILA for certain motor vehicle dealers covered by section 1029(a) of
the Dodd-Frank Act, and the Board's Regulation Z continues to apply to
those entities.\5\
---------------------------------------------------------------------------
\4\ 76 FR 79768 (Dec. 22, 2011).
\5\ See also 12 U.S.C. 5519(b).
---------------------------------------------------------------------------
Section 226.3(b)(1)(ii) of the Board's Regulation Z and Sec.
1026.3(b)(1)(ii) of the Bureau's Regulation Z, and their accompanying
commentaries, provide that the exemption threshold will be adjusted
annually effective January 1 of each year based on any annual
percentage increase in the CPI-W that was in effect on the preceding
June 1. Any increase in the threshold amount will be rounded to the
nearest $100 increment. For example, if the annual percentage increase
in the CPI-W would result in a $950 increase in the threshold amount,
the threshold amount will be increased by $1,000. However, if the
annual percentage increase in the CPI-W would result in a $949 increase
in the threshold amount, the threshold amount will be increased by
$900.\6\
---------------------------------------------------------------------------
\6\ See comments 3(b)-1 in Supplements I of 12 CFR part 226 and
12 CFR part 1026.
---------------------------------------------------------------------------
II. Adjustment and Commentary Revision
Effective January 1, 2015, the adjusted exemption threshold amount
is $54,600. This adjustment is based on the CPI-W index in effect on
June 1, 2014, which was reported on May 15, 2014. The Bureau of Labor
Statistics publishes consumer-based indices monthly, but does not
report a CPI change on June 1; adjustments are reported in the middle
of the month. The CPI-W is a subset of the CPI-U index (based on all
urban consumers) and represents approximately 28 percent of the U.S.
population. The adjustment reflects a 2 percent increase in the CPI-W
from April 2013 to April 2014 and is rounded to the nearest $100
increment. Accordingly, the Board and the Bureau are revising the
commentaries to their respective regulations to add new comment 3(b)-
1.vi to state that, from January 1, 2015 through December 31, 2015, the
threshold amount is $54,600. These revisions are effective January 1,
2015.
III. Administrative Law Matters
Administrative Procedure Act
Under the Administrative Procedure Act, notice and opportunity for
public comment are not required if the Board and the Bureau find that
notice and public comment are impracticable, unnecessary, or contrary
to the public interest.\7\ This annual adjustment is required by
statute. The amendment in this notice is technical and non-
discretionary, and it applies the method previously established in the
agencies' regulations for determining adjustments to the exemption
threshold. For these reasons, the Board and the Bureau have determined
that publishing a notice of proposed rulemaking and providing
opportunity for public comment are unnecessary. Therefore, the
amendments are adopted in final form.
---------------------------------------------------------------------------
\7\ 5 U.S.C. 553(b)(B).
---------------------------------------------------------------------------
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) does not apply to a rulemaking
where a general notice of proposed rulemaking is not required.\8\ As
noted previously, the agencies have determined that it is unnecessary
to publish a general notice of proposed rulemaking for this joint final
rule. Accordingly, the RFA's requirements relating to an initial and
final regulatory flexibility analysis do not apply.
---------------------------------------------------------------------------
\8\ 5 U.S.C. 603 and 604.
---------------------------------------------------------------------------
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995,\9\ the
agencies reviewed this final rule. No collections of information
pursuant to the Paperwork Reduction Act are contained in the final
rule.
---------------------------------------------------------------------------
\9\ 44 U.S.C. 3506; 5 CFR 1320.
---------------------------------------------------------------------------
List of Subjects
12 CFR Part 226
Advertising, Consumer protection, Federal Reserve System, Reporting
and recordkeeping requirements, Truth in lending.
12 CFR Part 1026
Advertising, Consumer protection, Credit, Credit unions, Mortgages,
National banks, Reporting and recordkeeping requirements, Savings
associations, Truth in lending.
Board of Governors of the Federal Reserve System
Text of Final Revisions
For the reasons set forth in the preamble, the Board amends
Regulation Z, 12 CFR part 226, as set forth below:
PART 226--TRUTH IN LENDING (REGULATION Z)
0
1. The authority citation for part 226 continues to read as follows:
Authority: 12 U.S.C. 3806; 15 U.S.C. 1604, 1637(c)(5), and
1639(l); Pub. L. 111-24 section 2, 123 Stat. 1734; Pub. L. 111-203,
124 Stat. 1376.
Subpart A--General
0
2. In Supplement I to part 226, under Section 226.3--Exempt
Transactions, under 3(b) Credit over applicable threshold amount,
paragraph 1.vi is added to read as follows:
Supplement I to Part 226--Official Staff Interpretations
* * * * *
Subpart A--General
* * * * *
[[Page 56485]]
Section 226.3--Exempt Transactions
* * * * *
3(b) Credit over applicable threshold amount.
1. Threshold amount. * * *
vi. From January 1, 2015 through December 31, 2015, the
threshold amount is $54,600.
* * * * *
Bureau of Consumer Financial Protection
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, 5511,
5512, 5532, 5581; 15 U.S.C. 1601 et seq.
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2. In Supplement I to part 1026, under Section 1026.3--Exempt
Transactions, under 3(b) Credit Over Applicable Threshold Amount,
paragraph 1.vi is added to read as follows:
Supplement I to Part 1026--Official Interpretations
* * * * *
Subpart A--General
* * * * *
Section 1026.3--Exempt Transactions
* * * * *
3(b) Credit Over Applicable Threshold Amount
1. Threshold amount. * * *
vi. From January 1, 2015 through December 31, 2015, the
threshold amount is $54,600.
* * * * *
By order of the Board of Governors of the Federal Reserve
System, September 8, 2014.
Robert deV. Frierson.
Secretary of the Board.
Dated: September 3, 2014.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2014-21849 Filed 9-19-14; 8:45 am]
BILLING CODE 6210-01-P; 4810-AM-P
