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Federal Register / Vol. 86, No. 209 / Tuesday, November 2, 2021 / Rules and Regulations
fees in 2022 will be 3 percent of the total loan amount for a loan greater than or equal to $114,847; $3,445 for a loan amount greater than or equal to $68,908
but less than $114,847; 5 percent of the total loan amount for a loan greater than or equal to $22,969 but less than $68,908; $1,148 for a loan amount greater than or equal to $14,356 but less than $22,969; and 8 percent of the total loan amount for a loan amount less than $14,356.1
I. Background A. Credit Card Annual Adjustments Minimum Interest Charge Disclosure Thresholds
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Sections 1026.6b2iii and 1026.60b3 of Regulation Z implement sections 127a3 and 127c1AiiII
of TILA. Sections 1026.6b2iii and 1026.60b3 require creditors to disclose any minimum interest charge exceeding $1.00 that could be imposed during a billing cycle. These provisions also state that, for open-end consumer credit plans, the minimum interest charge thresholds will be re-calculated annually using the CPI that was in effect on the preceding June 1; the Bureau uses the Consumer Price Index for Urban Wage Earners and Clerical Workers CPIW for this adjustment.2 If the cumulative change in the adjusted minimum value derived from applying the annual CPIW level to the current amounts in 1026.6b2iii and 1026.60b3 has risen by a whole dollar, the minimum interest charge amounts set forth in the regulation will be increased by $1.00. This adjustment analysis is based on the CPIW index in effect on June 1, 2021, which was reported by BLS on May 12, 2021,3 and reflects the percentage change from April 2020 to April 2021. The adjustment analysis accounts for a 4.7
percent increase in the CPIW from April 2020 to April 2021. This increase in the CPIW when applied to the current amounts in 1026.6b2iii and 1026.60b3 does not trigger an increase in the minimum interest charge threshold of at least $1.00, and the 1 The QM categories in Regulation Z are as follows: 12 CFR 1026.43e2, 4, 5, and 6
applies only to covered transactions for which the application was received before April 1, 2016; and e7.
2 The CPIW is a subset of the Consumer Price Index for All Urban Consumers CPIU index and represents approximately 29 percent of the U.S.
population.
3 BLS publishes Consumer Price Indices monthly, usually in the middle of each calendar month.
Thus, the CPIW reported on May 12, 2021, was the most current as of June 1, 2021.

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Bureau is therefore not amending 1026.6b2iii and 1026.60b3.
Safe Harbor Penalty Fees Section 1026.52b1iiA and B of Regulation Z implements section 149e of TILA, which was added to TILA by the CARD Act.4 Section 1026.52b1iiD provides that the safe harbor provision, which establishes the permissible penalty fee thresholds in 1026.52b1iiA and B, will be re-calculated annually using the CPI
that was in effect on the preceding June 1; the Bureau uses the CPIW for this adjustment. If the cumulative change in the adjusted value derived from applying the annual CPIW level to the current amounts in 1026.52b1iiA
and B has risen by a whole dollar, those amounts will be increased by $1.00. Similarly, if the cumulative change in the adjusted value derived from applying the annual CPIW level to the current amounts in 1026.52b1iiA and B has decreased by a whole dollar, those amounts will be decreased by $1.00. See comment 52b1ii2. The 2022
adjustment analysis is based on the CPIW index in effect on June 1, 2021, which was reported by BLS on May 12, 2021, and reflects the percentage change from April 2020 to April 2021. The permissible fee thresholds increased to $30 for a first violation penalty fee and $41 for a subsequent violation reflect a 4.7 percent increase in the CPIW from April 2020 to April 2021 with the resulting thresholds rounded to the nearest $1 increment.
B. HOEPA Annual Threshold Adjustments Section 1026.32a1ii of Regulation Z implements section 1431 of the DoddFrank Act,5 which amended the HOEPA
points-and-fees coverage test. Under 1026.32a1iiA and B, in assessing whether a transaction is a high-cost mortgage due to points and fees the creditor is charging, the applicable points-and-fees coverage test depends on whether the total loan amount is for $20,000 or more, or for less than $20,000. Section 1026.32a1ii provides that this threshold amount be recalculated annually using the CPI index in effect on the preceding June 1; the Bureau 4 Credit Card Accountability Responsibility and Disclosure Act of 2009, Public Law 11124, 123
Stat. 1734 2009.
5 Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111203, 124 Stat. 1376
2010.

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uses the CPIU for this adjustment.6 The 2022 adjustment is based on the CPIU
index in effect on June 1, which was reported by BLS on May 12, 2021, and reflects the percentage change from April 2020 to April 2021. The adjustment to $22,969 here reflects a 4.2
percent increase in the CPIU index from April 2020 to April 2021 and is rounded to the nearest whole dollar amount for ease of compliance.
Under 1026.32a1iiB the HOEPA points-and-fees threshold is $1,000. Section 1026.32a1iiB
provides that this threshold amount will be recalculated annually using the CPI
index in effect on the preceding June 1;
the Bureau uses the CPIU for this adjustment. The 2022 adjustment is based on the CPIU index in effect on June 1, 2021, which was reported by BLS on May 12, 2021, and reflects the percentage change from April 2020 to April 2021. The adjustment to $1,148
here reflects a 4.2 percent increase in the CPIU index from April 2020 to April 2021 and is rounded to the nearest whole dollar amount for ease of compliance.
C. QM Annual Threshold Adjustments The Bureaus Regulation Z
implements sections 1411 and 1412 of the Dodd-Frank Act, which generally require creditors to make a reasonable, good-faith determination of a consumers ability to repay any consumer credit transaction secured by a dwelling and establishes certain protections from liability under this requirement for QMs.
On December 10, 2020, the Bureau issued a final rule amending the General QM loan definition in 1026.43e2.7
The final rule established pricing thresholds in 1026.43e2viA
through F based on the spread of a loans APR compared to the APOR for a comparable transaction as of the date the interest rate is set. To satisfy the General QM loan definition, a loans APR must be below the applicable pricing threshold and satisfy other requirements in 1026.43e2.
Specifically, under 1026.43e2vi, a covered transaction is a QM if the APR
does not exceed the APOR for a comparable transaction as of the date the interest rate is set by: 2.25 or more 6 The CPIU is based on all urban consumers and represents approximately 93 percent of the U.S.
population.
7 85 FR 86308 Dec. 29, 2020. This final rule was initially effective on March 1, 2021, with a mandatory compliance date of July 1, 2021. On April 27, 2021, the Bureau issued a final rule effective June 30, 2021, which extended the mandatory compliance date of the final rule published on December 29, 2020, at 85 FR 86308, until October 1, 2022. 86 FR 22844 Apr. 30, 2021.

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