CFPB and Fed issue final amendments to Regulation CC
On June 24, the CFPB and the Federal Reserve Board (Fed) announced a final rule amending Regulation CC to adjust dollar amounts cited in the rule for inflation. The Dodd-Frank Act requires that the dollar amounts be adjusted for inflation every five years by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The agencies selected July as the CPI-W month and will use July 2011 to July 2018 as the initial inflation measurement period. If there is no aggregate percentage increase in the CPI-W or it is negative, the dollar amounts will not be adjusted. The final rule also implements certain measures of the Economic Growth, Regulatory Relief, and Consumer Protection Act , including extending coverage of the Expedited Funds Availability Act to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam.
The compliance date for the adjustment amounts is July 1, 2020. Other amendments are effective 60 days after publication in the Federal Register.