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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations
System Board; and Bureau of Consumer Financial Protection Bureau.
ACTION: Final rules, official interpretations and commentary.
The OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act TILA. Section 129H of TILA
establishes special appraisal requirements for higher-risk mortgages, termed higher-priced mortgage loans or HPMLs in the agencies regulations. The OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation FDIC, the National Credit Union Administration NCUA, and the Federal Housing Finance Agency FHFA collectively, the Agencies jointly issued final rules implementing these requirements, effective January 18, 2014. The Agencies rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers CPIW.
If there is no annual percentage increase in the CPIW, the OCC, the Board, and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage increase in the CPIW to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPIW had been taken into account. Based on the CPIW in effect as of June 1, 2021, the exemption threshold will increase from $27,200 to $28,500, effective January 1, 2022.
DATES: This final rule is effective January 1, 2022.
FOR FURTHER INFORMATION CONTACT:
OCC: MaryAnn Nash, Counsel, Chief Counsels Office, 202 6496287; for persons who are deaf or hard of hearing TTY, 202 6495597. Board: Lorna M.
Neill, Senior Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at 202 4523667.
Bureau: Lanique Eubanks, Senior Counsel, Office of Regulations, Bureau of Consumer Financial Protection, at 202 4357700. If you require this document in an alternative electronic format, please contact CFPB_
Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION:

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SUMMARY:

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I. Background The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Dodd-Frank Act amended TILA to add special appraisal requirements for higher-risk mortgages. 1 In January 2013, the Agencies jointly issued a final rule implementing these requirements and adopted the term higher-priced mortgage loan HPML instead of higher-risk mortgage the January 2013 Final Rule.2 In July 2013, the Agencies proposed additional exemptions from the January 2013 Final Rule.3 In December 2013, the Agencies issued a supplemental final rule with additional exemptions from the January 2013 Final Rule the December 2013
Supplemental Final Rule.4 Among other exemptions, the Agencies adopted an exemption from the new HPML
appraisal rules for transactions of $25,000 or less, to be adjusted annually for inflation.
The OCCs, Boards, and Bureaus versions of the January 2013 Final Rule and December 2013 Supplemental Final Rule and corresponding official interpretations are substantively identical. The FDIC, NCUA, and FHFA
adopted the Bureaus version of the regulations under the January 2013
Final Rule and December 2013
Supplemental Final Rule.5
The OCCs, Boards, and Bureaus regulations,6 and their accompanying interpretations,7 provide that the exemption threshold for smaller loans will be adjusted effective January 1 of each year based on any annual percentage increase in the CPIW that was in effect on the preceding June 1.
Any increase in the threshold amount will be rounded to the nearest $100
increment. For example, if the annual percentage increase in the CPIW would result in a $950 increase in the threshold amount, the threshold amount will be increased by $1,000. However, if the annual percentage increase in the CPIW would result in a $949 increase 1 Public Law 111203, section 1471, 124 Stat.
1376, 218587 2010, codified at TILA section 129H, 15 U.S.C. 1639h.
2 78 FR 10368 Feb. 13, 2013.
3 78 FR 48548 Aug. 8, 2013.
4 78 FR 78520 Dec. 26, 2013.
5 See NCUA: 12 CFR 722.3; FHFA: 12 CFR part 1222. Although the FDIC adopted the Bureaus version of the regulation, the FDIC did not issue its own regulation containing a cross-reference to the Bureaus version. See 78 FR 10368, 10370 Feb. 13, 2013.
6 12 CFR 34.203b2 OCC; 12 CFR 226.43b2
Board; and 12 CFR 1026.35c2ii Bureau.
7 12 CFR part 34, appendix C to subpart G, comment 203b21 OCC; 12 CFR part 226, Supplement I, comment 43b21 Board; and 12
CFR part 1026, Supplement I, comment 35c2ii 1 Bureau.

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in the threshold amount, the threshold amount will be increased by $900. If there is no annual percentage increase in the CPIW, the OCC, the Board, and the Bureau will not adjust the threshold amounts from the prior year.8
On November 30, 2016, the OCC, the Board, and the Bureau published a final rule in the Federal Register to memorialize the calculation method used by the Agencies each year to adjust the exemption threshold to ensure that the values for the exemption threshold keep pace with the CPIW HPML Small Dollar Adjustment Calculation Rule.9
The HPML Small Dollar Adjustment Calculation Rule memorialized the policy that, if there is no annual percentage increase in the CPIW, the OCC, Board, and Bureau will not adjust the exemption threshold from the prior year. The HPML Small Dollar Adjustment Calculation Rule also provided that, in years following a year in which the exemption threshold was not adjusted because there was a decrease in the CPIW from the previous year, the threshold is calculated by applying the annual percentage change in the CPIW to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPIW had been taken into account. If the resulting amount calculated, after rounding, is greater than the current threshold, then the threshold effective January 1 the following year will increase accordingly; if the resulting amount calculated, after rounding, is equal to or less than the current threshold, then the threshold effective January 1 the following year will not change, but future increases will be calculated based on the amount that would have resulted, after rounding.
II. 2022 Adjustment and Commentary Revision Effective January 1, 2022, the exemption threshold amount is increased from $27,200 to $28,500. This amount is based on the CPIW in effect on June 1, 2021, which was reported on May 12, 2021 based on April 2021
data.10 The CPIW is a subset of the CPIU index based on all urban 8 See 12 CFR part 34, appendix C to subpart G, comment 203b21 and 2 OCC; 12 CFR part 226, Supplement I, comment 43b21 and 2
Board; and 12 CFR part 1026, Supplement I, comment 35c2ii1 and 2 Bureau.
9 See 81 FR 86250 Nov. 30, 2016.
10 The Bureau of Labor Statistics calculates consumer-based indices for each month, but does not report those indices until the middle of the following month. As such, the most recently reported indices as of June 1, 2021 were reported on May 12, 2021, and reflect economic conditions in April 2021.

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