WASHINGTON (11/21/13)--The protections of the Truth in Lending Act (TILA) and the Consumer Leasing Act will generally apply to consumer credit transactions and consumer leases of $53,500 or less in 2014, the Federal Reserve reported this week. The agencies are required to adjust this threshold each year.
Private education loans and loans secured by real property, such as mortgage, will be subject to the TILA regardless of the amount of the loan, the Fed said.
The threshold adjustments reflect the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2013 and will take effect on Jan. 1, 2014, the Fed said.
For the Fed release, use the resource link.