The Federal Reserve Board issued two rules Monday to expand the coverage of consumer protection regulations to credit transactions and leases by doubling the existing threshold.
Protections under the Truth in Lending Act and the Consumer Leasing Act now apply to consumer credit transactions and consumer leases of up to $25,000. The Fed proposals, called for by the Dodd-Frank Act, would increase the limit to up to $50,000.
The maximum amount is to be adjusted yearly to reflect increases in the Consumer Price Index.
Comments on the proposals must be submitted within 30 days after publication in the Federal Register, or by Feb. 1.
