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Federal Reserve expands consumer protection regulations for credit transactions and leases of higher dollar amounts

News release: “The Federal Reserve Board on Friday adopted two rules that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts. The final rules amend Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Effective July 21, 2011, the Dodd-Frank Act requires that the protections of the Truth in Lending Act (TILA) and the Consumer Leasing Act (CLA) apply to consumer credit transactions and consumer leases up to $50,000, compared with $25,000 currently. This amount will be adjusted annually to reflect any increase in the consumer price index.”

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