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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations
current threshold, then the threshold effective January 1 the following year will increase accordingly.
ii. Net decreases. 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.
3. Threshold. For purposes of 34.203b2, the threshold amount in effect during a particular period is the amount stated below for that period.
i. From January 18, 2014, through December 31, 2014, the threshold amount is $25,000.
ii. From January 1, 2015, through December 31, 2015, the threshold amount is $25,500.
iii. From January 1, 2016, through December 31, 2016, the threshold amount is $25,500.
iv. From January 1, 2017, through December 31, 2017, the threshold amount is $25,500.
v. From January 1, 2018, through December 31, 2018, the threshold amount is $26,000.
vi. From January 1, 2019, through December 31, 2019, the threshold amount is $26,700.
vii. From January 1, 2020, through December 31, 2020, the threshold amount is $27,200.
viii. From January 1, 2021, through December 31, 2021, the threshold amount is $27,200.
ix. From January 1, 2022, through December 31, 2022, the threshold amount is $28,500.
4. Qualifying for exemptionin general. A
transaction is exempt under 34.203b2 if the creditor makes an extension of credit at consummation that is equal to or below the threshold amount in effect at the time of consummation.
5. Qualifying for exemptionsubsequent changes. A transaction does not meet the condition for an exemption under 34.203b2 merely because it is used to satisfy and replace an existing exempt loan, unless the amount of the new extension of credit is equal to or less than the applicable threshold amount. For example, assume a closed-end loan that qualified for a 34.203b2 exemption at consummation in year one is refinanced in year ten and that the new loan amount is greater than the threshold amount in effect in year ten. In these circumstances, the creditor must comply with all of the applicable requirements of 34.203 with respect to the year ten transaction if the original loan is satisfied and replaced by the new loan, unless another exemption from the requirements of 34.203 applies. See 34.203b and d7.

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BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
Authority and Issuance For the reasons set forth in the preamble, the Board amends Regulation Z, 12 CFR part 226, as set forth below:

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PART 226TRUTH IN LENDING
REGULATION Z
3. The authority citation for part 226
continues to read as follows:

Authority: 12 U.S.C. 3806; 15 U.S.C. 1604, 1637c5, 1639l, and 1639h; Pub. L. 111
24, section 2, 123 Stat. 1734; Pub. L. 111
203, 124 Stat. 1376.

4. In Supplement I to part 226, under Section 226.43Appraisals for HigherRisk Mortgage Loans, paragraph 43b2
is revised to read as follows:

Supplement I to Part 226Official Staff Interpretations

Section 226.43Appraisals for HigherRisk Mortgage Loans

Paragraph 43b2
1. Threshold amount. For purposes of 226.43b2, the threshold amount in effect during a particular period is the amount stated in comment 43b23 for that period.
The threshold amount is adjusted effective January 1 of each year by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers CPIW that was in effect on the preceding June 1. Comment 43b23 will be amended to provide the threshold amount for the upcoming year after the annual percentage change in the CPIW that was in effect on June 1 becomes available. 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 in the threshold amount, the threshold amount will be increased by $900.
2. No increase in the CPIW. If the CPIW
in effect on June 1 does not increase from the CPIW in effect on June 1 of the previous year, the threshold amount effective the following January 1 through December 31
will not change from the previous year.
When this occurs, for the years that follow, the threshold is calculated based on the annual percentage change in the CPIW
applied to the dollar amount that would have resulted, after rounding, if decreases and any subsequent increases in the CPIW had been taken into account.
i. Net increases. 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.
ii. Net decreases. 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.
3. Threshold. For purposes of 226.43b2, the threshold amount in effect
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during a particular period is the amount stated below for that period.
i. From January 18, 2014, through December 31, 2014, the threshold amount is $25,000.
ii. From January 1, 2015, through December 31, 2015, the threshold amount is $25,500.
iii. From January 1, 2016, through December 31, 2016, the threshold amount is $25,500.
iv. From January 1, 2017, through December 31, 2017, the threshold amount is $25,500.
v. From January 1, 2018, through December 31, 2018, the threshold amount is $26,000.
vi. From January 1, 2019, through December 31, 2019, the threshold amount is $26,700.
vii. From January 1, 2020, through December 31, 2020, the threshold amount is $27,200.
viii. From January 1, 2021, through December 31, 2021, the threshold amount is $27,200.
ix. From January 1, 2022, through December 31, 2022, the threshold amount is $28,500.
4. Qualifying for exemptionin general. A
transaction is exempt under 226.43b2 if the creditor makes an extension of credit at consummation that is equal to or below the threshold amount in effect at the time of consummation.
5. Qualifying for exemptionsubsequent changes. A transaction does not meet the condition for an exemption under 226.43b2 merely because it is used to satisfy and replace an existing exempt loan, unless the amount of the new extension of credit is equal to or less than the applicable threshold amount. For example, assume a closed-end loan that qualified for a 226.43b2 exemption at consummation in year one is refinanced in year ten and that the new loan amount is greater than the threshold amount in effect in year ten. In these circumstances, the creditor must comply with all of the applicable requirements of 226.43 with respect to the year ten transaction if the original loan is satisfied and replaced by the new loan, unless another exemption from the requirements of 226.43 applies. See 226.43b and d7.

BUREAU OF CONSUMER FINANCIAL
PROTECTION
Authority and Issuance For the reasons set forth in the preamble, the Bureau amends Regulation Z, 12 CFR part 1026, as set forth below:
PART 1026TRUTH IN LENDING
REGULATION Z
5. The authority citation for part 1026
continues to read as follows:

Authority: 12 U.S.C. 2601, 26032605, 2607, 2609, 2617, 3353, 5511, 5512, 5532, 5581; 15 U.S.C. 1601 et seq.

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