Fed Finalizes Rules to Expand TILA Disclosures
The Federal Reserve has issued a final rule amending Regulation Z to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts.
Among other things, the final rules expand TILA's credit disclosure requirements to credit transactions up to $50,000 (up from $25,000) and prohibit creditors from engaging in certain practices with respect to those loans. Private education loans and mortgages are subject to TILA regardless of the transaction amount.
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