Truth in Lending (Regulation Z), 56483-56485 [2014-21849]

Download as PDF 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: ■ asabaliauskas on DSK5VPTVN1PROD with RULES 16:51 Sep 19, 2014 Truth in Lending (Regulation Z) * * * * Section 213.2—Definitions * * * * * * * * * 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 * * Frm 00007 * Fmt 4700 * 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 E:\FR\FM\22SER1.SGM 22SER1 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 Frm 00008 Fmt 4700 Sfmt 4700 85 U.S.C. 603 and 604. U.S.C. 3506; 5 CFR 1320. 9 44 E:\FR\FM\22SER1.SGM 22SER1 Federal Register / Vol. 79, No. 183 / Monday, September 22, 2014 / Rules and Regulations Section 226.3—Exempt Transactions * * * * DEPARTMENT OF TRANSPORTATION * 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 VerDate Sep<11>2014 16:51 Sep 19, 2014 Jkt 232001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 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- E:\FR\FM\22SER1.SGM 22SER1

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.


0
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