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Consumer Compliance Handbook
June 2012 Update

The June 2012 update to the handbook reflects updated interagency examination procedures for Regulation Z - Truth in Lending.

As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), Regulation Z has been revised to reflect increased thresholds for exempt consumer credit transactions. Effective July 21, 2011, the threshold increased from $25,000 to $50,000, and on January 1, 2012, it increased to $51,800. Dodd-Frank provided that each December 31 or thereafter, the threshold must be adjusted annually by any annual percentage increase in the consumer price index.

Regulation Z was also amended to clarify aspects of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act). For example, promotional programs that waive interest charges for a specified period of time are subject to the same Credit Card Act protections as promotional programs that apply a reduced rate for a specified period, and application and similar fees that a consumer is required to pay before a credit card account is opened are covered by the same Credit Card Act limitations as fees charged during the first year after the account is opened.

In addition, information in the "About this Handbook" section of the Consumer Compliance Handbook has been updated to reflect changes to the Board's rulewriting and supervisory authority pursuant to Dodd-Frank.

Filing Instructions
To maintain an updated print version of the handbook, use the following instructions:

Behind the title page
pg. iii (dated 11/07) About, Contents • pp. iii-iv (dated 06/12)
Truth in Lending pages:
Behind the "Regulation Z" tab
Reg. Z • pp. 1-93 (dated 6/11)Reg. Z • pp. 1-94 (dated 6/12)

Consumer Compliance Handbook

Previous Update: November 2011