gistfile1.json

{
    "abstract": "The Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.060 billion from $2.028 billion. The adjustment is based on the 1.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2014. Therefore, creditors with assets of $2.060 billion or less as of December 31, 2014, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2015. The adjustment to the escrows exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that do not exceed the asset-size threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.", 
    "action": "Final rule; official interpretation.", 
    "agency_names": [
        "Consumer Financial Protection Bureau"
    ], 
    "amendments": [
        [
            "PUT", 
            [
                "1026", 
                "35", 
                "b", 
                "2", 
                "iii", 
                "Interp", 
                "1", 
                "iii"
            ]
        ], 
        [
            "PUT", 
            [
                "1026", 
                "35", 
                "b", 
                "2", 
                "iii", 
                "Interp", 
                "1", 
                "iii", 
                "A"
            ]
        ], 
        [
            "POST", 
            [
                "1026", 
                "35", 
                "b", 
                "2", 
                "iii", 
                "Interp", 
                "1", 
                "iii", 
                "B"
            ]
        ]
    ], 
    "cfr_parts": [
        "1026"
    ], 
    "cfr_title": 12, 
    "changes": {
        "1026-35-b-2-iii-Interp-1-iii": [
            {
                "action": "PUT", 
                "node": {
                    "child_labels": [
                        "1026-35-b-2-iii-Interp-1-iii-A", 
                        "1026-35-b-2-iii-Interp-1-iii-B"
                    ], 
                    "label": [
                        "1026", 
                        "35", 
                        "b", 
                        "2", 
                        "iii", 
                        "Interp", 
                        "1", 
                        "iii"
                    ], 
                    "node_type": "interp", 
                    "tagged_text": "iii. As of the end of the preceding calendar year, the creditor had total assets that are less than the asset threshold for the relevant calendar year. For calendar year 2015, the asset threshold is $2,060,000,000. Creditors that had total assets of less than $2,060,000,000 on December 31, 2014, satisfy this criterion for purposes of the exemption during 2015. This asset threshold shall adjust automatically each year based on the year-to-year change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each 12-month period ending in November, with rounding to the nearest million dollars. The Bureau will publish notice of the asset threshold each year by amending this comment. For historical purposes, the prior asset thresholds were:", 
                    "text": "iii. As of the end of the preceding calendar year, the creditor had total assets that are less than the asset threshold for the relevant calendar year. For calendar year 2015, the asset threshold is $2,060,000,000. Creditors that had total assets of less than $2,060,000,000 on December 31, 2014, satisfy this criterion for purposes of the exemption during 2015. This asset threshold shall adjust automatically each year based on the year-to-year change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each 12-month period ending in November, with rounding to the nearest million dollars. The Bureau will publish notice of the asset threshold each year by amending this comment. For historical purposes, the prior asset thresholds were:", 
                    "title": null
                }
            }
        ], 
        "1026-35-b-2-iii-Interp-1-iii-A": [
            {
                "action": "PUT", 
                "node": {
                    "child_labels": [], 
                    "label": [
                        "1026", 
                        "35", 
                        "b", 
                        "2", 
                        "iii", 
                        "Interp", 
                        "1", 
                        "iii", 
                        "A"
                    ], 
                    "node_type": "interp", 
                    "tagged_text": "A. For calendar year 2013, the asset threshold was $2,000,000,000. Creditors that had total assets of less than $2,000,000,000 on December 31, 2012, satisfied this criterion for purposes of the exemption during 2013.", 
                    "text": "A. For calendar year 2013, the asset threshold was $2,000,000,000. Creditors that had total assets of less than $2,000,000,000 on December 31, 2012, satisfied this criterion for purposes of the exemption during 2013.", 
                    "title": null
                }
            }
        ], 
        "1026-35-b-2-iii-Interp-1-iii-B": [
            {
                "action": "PUT", 
                "node": {
                    "child_labels": [], 
                    "label": [
                        "1026", 
                        "35", 
                        "b", 
                        "2", 
                        "iii", 
                        "Interp", 
                        "1", 
                        "iii", 
                        "B"
                    ], 
                    "node_type": "interp", 
                    "tagged_text": "B. For calendar year 2014, the asset threshold was $2,028,000,000. Creditors that had total assets of less than $2,028,000,000 on December 31, 2013, satisfied this criterion for purposes of the exemption during 2014.", 
                    "text": "B. For calendar year 2014, the asset threshold was $2,028,000,000. Creditors that had total assets of less than $2,028,000,000 on December 31, 2013, satisfied this criterion for purposes of the exemption during 2014.", 
                    "title": null
                }
            }, 
            {
                "action": "POST", 
                "node": {
                    "child_labels": [], 
                    "label": [
                        "1026", 
                        "35", 
                        "b", 
                        "2", 
                        "iii", 
                        "Interp", 
                        "1", 
                        "iii", 
                        "B"
                    ], 
                    "node_type": "interp", 
                    "tagged_text": "B. For calendar year 2014, the asset threshold was $2,028,000,000. Creditors that had total assets of less than $2,028,000,000 on December 31, 2013, satisfied this criterion for purposes of the exemption during 2014.", 
                    "text": "B. For calendar year 2014, the asset threshold was $2,028,000,000. Creditors that had total assets of less than $2,028,000,000 on December 31, 2013, satisfied this criterion for purposes of the exemption during 2014.", 
                    "title": null
                }
            }
        ]
    }, 
    "contact": "James Wylie, Counsel, Office of Regulations, at (202) 435-7700.", 
    "document_number": "2014-30405", 
    "effective_on": "2015-01-01", 
    "footnotes": {
        "1": "78 FR 4726 (Jan. 22, 2013).", 
        "2": "<em data-original=\"E-03\">See</em> 12 CFR 1026.35(b)(2)(iii)(C)."
    }, 
    "fr_citation": "79 FR 77855", 
    "fr_url": "https://www.federalregister.gov/articles/2014/12/29/2014-30405/no-title-available", 
    "fr_volume": 79, 
    "initial_effective_on": "2015-01-01", 
    "publication_date": "2014-12-29", 
    "section_by_section": []
}