WASHINGTON, D.C. -

Just before Thanksgiving, the Federal Reserve Board and the Consumer Financial Protection Bureau announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions.

Officials said these increases are consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act amendments to the Truth in Lending Act and the Consumer Leasing Act, to adjust these thresholds annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The agencies indicated transactions at or below the thresholds such as used- or new-vehicle deals are subject to the protections of the regulations.

The Fed and the CFPB noted the adjustments to the thresholds reflect the annual percentage increase in the consumer price index as of June 1 and will take effect on Jan. 1.

Based on the adjustments announced last week, the protections of the Truth in Lending Act and the Consumer Leasing Act generally will apply to consumer credit transactions and consumer leases of $53,000 or less in 2013, according to officials.

“However, private education loans and loans secured by real property (such as mortgages) are subject to the Truth in Lending Act regardless of the amount of the loan,” the agencies said.

Although the Dodd-Frank Act generally transferred rulemaking authority under the Truth in Lending Act and the Consumer Leasing Act to the CFPB, the Fed retains authority to issue rules for certain motor vehicle dealers.

“Therefore, the agencies are issuing these adjustments jointly,” officials said.

In addition, the CFPB is separately adjusting the dollar amount that triggers additional protections for certain home mortgages under the Home Ownership and Equity Protection Act of 1994 (HOEPA), as required by statute.

Consistent with the increase in the consumer price index, officials said the dollar amount of the HOEPA fee trigger will increase to $625 for 2013.

The notices that will be published in the Federal Register are through the following links:

—Regulation M Exemption Threshold Adjustment
—Regulation Z Exemption Threshold Adjustment
—Regulation Z HOEPA Threshold Adjustment