FEDERAL RESERVE SYSTEM 12 CFR Part 226 [Regulation Z; Docket No. R-1030] Truth in Lending AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice of adjustment of dollar amount. SUMMARY: The Board is publishing an adjustment to the dollar amount that triggers certain requirements of Regulation Z (Truth in Lending) for mortgages bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 sets forth rules for home-secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. The Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index that is in effect on June 1. For 1999, the adjusted dollar amount is $441. EFFECTIVE DATE: January 1, 1999. FOR FURTHER INFORMATION CONTACT: Michael Hentrel, Staff Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667. For the users of Telecommunications Device for the Deaf only, please contact Diane Jenkins at (202) 452-3544.
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Summary and Notice of adjustment (10 KB PDF)
1998 Banking and consumer regulatory policy