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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations
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:
I. Background The Dodd-Frank Act increased the threshold in the CLA for exempt consumer leases, and the threshold in the Truth in Lending Act TILA for exempt consumer credit transactions,1
from $25,000 to $50,000, effective July 21, 2011.2 In addition, the Dodd-Frank Act requires that, on and after December 31, 2011, these thresholds be adjusted annually for inflation by the annual percentage increase in the CPIW, as published by the Bureau of Labor Statistics. In April 2011, the Board issued a final rule amending Regulation M which implements the CLA
consistent with these provisions of the Dodd-Frank Act, along with a similar final rule amending Regulation Z
which implements TILA collectively, the Board Final Threshold Rules.3
Title X of the Dodd-Frank Act transferred rulemaking authority for a number of consumer financial protection laws from the Board to the Bureau, effective July 21, 2011. In connection with this transfer of rulemaking authority, the Bureau issued its own Regulation M implementing the CLA, 12 CFR part 1013, substantially duplicating the Boards Regulation M.4
Although the Bureau has the authority to issue rules to implement the CLA for most entities, the Board retains authority to issue rules under the CLA
for certain motor vehicle dealers covered by section 1029a of the DoddFrank Act, and the Boards Regulation M continues to apply to those entities.5

lotter on DSK11XQN23PROD with RULES1

1 Although
consumer credit transactions above the threshold are generally exempt, loans secured by real property or by personal property used or expected to be used as the principal dwelling of a consumer and private education loans are covered by TILA regardless of the loan amount. See 12 CFR
226.3b1i Board and 12 CFR 1026.3b1i Bureau.
2 Public Law 111203, section 1100E, 124 Stat.
1376, 2111 2010.
3 76 FR 18349 Apr. 4, 2011; 76 FR 18354 Apr.
4, 2011.
4 See 76 FR 78500 Dec. 19, 2011; 81 FR 25323
Apr. 28, 2016.
5 Section 1029a of the Dodd-Frank Act states:
Except as permitted in subsection b, the Bureau may not exercise any rulemaking, supervisory, enforcement, or any other authority . . . over a motor vehicle dealer that is predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both.

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The Boards and the Bureaus regulations,6 and their accompanying commentaries, provide that the exemption threshold will be adjusted annually effective January 1 of each year based on any annual percentage increase in the CPIW that was in effect on the preceding June 1. They further provide that 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 $900.7 Since 2011, the Board and the Bureau have adjusted the Regulation M exemption threshold annually, in accordance with these rules.
On November 30, 2016, 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, as contemplated by section 1100Eb of the Dodd-Frank Act, the values for the exemption threshold keep pace with the CPIW Regulation M Adjustment Calculation Rule.8 The Regulation M
Adjustment Calculation Rule memorialized the policy that, if there is no annual percentage increase in the CPIW, the Board and the Bureau will not adjust the exemption threshold from the prior year. The Regulation M
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.

12 U.S.C. 5519a. Section 1029b of the DoddFrank Act provides that subsection a shall not apply to any person, to the extent that such person1 provides consumers with any services related to residential or commercial mortgages or self-financing transactions involving real property;
2 operates a line of businessA that involves the extension of retail credit or retail leases involving motor vehicles; and B in whichi the extension of retail credit or retail leases are provided directly to consumers; and ii the contract governing such extension of retail credit or retail leases is not routinely assigned to an unaffiliated third party finance or leasing source; or 3 offers or provides a consumer financial product or service not involving or related to the sale, financing, leasing, rental, repair, refurbishment, maintenance, or other servicing of motor vehicles, motor vehicle parts, or any related or ancillary product or service. 12
U.S.C. 5519b.
6 12 CFR 213.2e1 Board and 12 CFR
1013.2e1 Bureau.
7 See comments 2e9 in Supplements I of 12
CFR parts 213 and 1013.
8 See 81 FR 86256 Nov. 30, 2016.

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II. 2022 Adjustment and Commentary Revision Effective January 1, 2022, the exemption threshold amount is increased from $58,300 to $61,000. 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.9 The CPIW is a subset of the CPIU index based on all urban consumers and represents approximately 29 percent of the U.S.
population. The CPIW reported on May 12, 2021 reflects a 4.7 percent increase in the CPIW from April 2020
to April 2021. Accordingly, the 4.7
percent increase in the CPIW from April 2020 to April 2021 results in an exemption threshold amount of $61,000, after rounding. The Board and the Bureau are revising the commentaries to their respective regulations to add new comment 2e11.xiii to state that, from January 1, 2022 through December 31, 2022, the threshold amount is $61,000.
These revisions are effective January 1, 2022.10
III. Regulatory Analysis Under the Administrative Procedure Act, notice and opportunity for public comment are not required if the Board and the Bureau find that notice and public comment are impracticable, unnecessary, or contrary to the public 9 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.
10 The agencies note that to add new comment 2e11.xiii to their respective rules, Supplement I
to part 213, section 213.2 paragraph 2e Board and Supplement I to part 1013, section 1013.2, paragraph 2e Bureau are being republished in their entirety to comply with the Federal Registers publication requirement.

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