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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations 6. In Supplement I to part 1026, under Section 1026.35Requirements for Higher-Priced Mortgage Loans, paragraph 35c2ii is revised to read as follows:

Supplement I to Part 1026Official Interpretations

Section 1026.35Requirements for HigherPriced Mortgage Loans

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Paragraph 35c2ii 1. Threshold amount. For purposes of 1026.35c2ii, the threshold amount in effect during a particular period is the amount stated in comment 35c2ii3 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 35c2ii3 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 1026.35c2ii, 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.

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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 1026.35c2ii 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 1026.35c2ii 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 1026.35c2ii 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 1026.35c 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 1026.35c applies. See 1026.35c2 and c4vii.

Michael J. Hsu, Acting Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority.
Ann Misback, Secretary of the Board.
Laura Galban, Federal Register Liaison, Bureau of Consumer Financial Protection.
FR Doc. 202125908 Filed 112921; 8:45 am BILLING CODE 481033P 621001P 4810AMP

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FEDERAL RESERVE SYSTEM
12 CFR Part 213
Docket No. R1756
RIN 7100AG19

BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1013
Consumer Leasing Regulation M
Board of Governors of the Federal Reserve System Board and Bureau of Consumer Financial Protection Bureau.
ACTION: Final rules, official interpretations and commentary.
AGENCY:

The Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies regulations that implement the Consumer Leasing Act CLA. The Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank Act amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers CPIW.
Under regulations adopted by the Board and the Bureau, if there is no annual percentage increase in the CPIW, 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 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. Based on the annual percentage increase in the CPI
W as of June 1, 2021, the exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022.
Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Acts threshold for exempt consumer credit transactions, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Truth in Lending Act elsewhere in the Rules section of this issue of the Federal Register.
DATES: This final rule is effective January 1, 2022.
FOR FURTHER INFORMATION CONTACT:
Board: Vivian W. Wong, Senior Counsel, Division of Consumer and Community Affairs, Board of Governors SUMMARY:

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