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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations
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 CPIW 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 Consumer Leasing Acts threshold for exempt consumer leases, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Consumer Leasing 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 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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I. Background The Dodd-Frank Act increased the threshold in TILA for exempt consumer credit transactions,1 and the threshold in the Consumer Leasing Act CLA for exempt consumer leases, 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 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.

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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 Z which implements TILA consistent with these provisions of the Dodd-Frank Act, along with a similar final rule amending Regulation M which implements the CLA 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 Z implementing TILA, 12 CFR part 1026, substantially duplicating the Boards Regulation Z.4
Although the Bureau has the authority to issue rules to implement TILA for most entities, the Board retains authority to issue rules under TILA for certain motor vehicle dealers covered by section 1029a of the Dodd-Frank Act, and the Boards Regulation Z continues to apply to those entities.5
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 3 76 FR 18354 Apr. 4, 2011; 76 FR 18349 Apr.
4, 2011.
4 See 76 FR 79768 Dec. 22, 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.
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 226.3b1ii Board and 12 CFR
1026.3b1ii Bureau.

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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 Z 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 Z Adjustment Calculation Rule.8 The Regulation Z
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 Z
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. 2021 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 7 See comments 3b1 in Supplements I of 12
CFR parts 226 and 1026.
8 See 81 FR 86260 Nov. 30, 2016.
9 The Bureau of Labor Statistics calculates consumer-based indices for each month, but does
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