The Consumer Financial Protection Bureau today announced 2019 changes in dollar thresholds for several Regulation Z provisions governed by the CARD Act, the Home Ownership and Equity Protection Act and the Dodd-Frank Act. The thresholds are based on changes in the Consumer Price Index and take effect on Jan. 1, 2019.
For credit cards, the penalty fees safe harbor for 2018 will increase by $1 to $28 for a first late payment. The subsequent late payment safe harbor fee will also grow by $1 to $39. The minimum interest charge disclosure threshold will remain unchanged for 2019 at $1. The HOEPA loan threshold will increase to $21,549, and the HOEPA points-and-fees trigger will rise to $1,077.
For Qualified Mortgages, points and fees cannot exceed 3 percent of loans of $107,747 or more; $3,232 for loans between $64,648 and $107,747; 5 percent for loans between $21,549 and $64,648; $1,077 for loans between $13,468 and $21,549; and 8 percent for loans of less than $13,468.