On November 29, 2019, the CFPB issued a rule correcting the Home Ownership and Equity Protection Act of 1984 (HOEPA) annual threshold adjustment in the CFPB’s final rule published August 1, 2019, in the Federal Register.
The earlier rule provided the transaction’s total points and fees threshold for HOEPA loans in 2020 would be $21,980. The November 2019 rule corrects this amount so the total points and fees threshold for transactions in 2020 with a total loan amount of less than $21,980 will be the lesser of eight percent of the total loan amount or $1,099.
The revised rule correcting the earlier rule is available in the Federal Register (opens new window).
Credit unions can find more information about the August 1, 2019, final rule in Consumer Financial Protection Update 19-13.
Please contact the NCUA’s Office of Consumer Financial Protection with any questions at 703.518.1140 or by email at ComplianceMail@ncua.gov. Credit unions can also contact their NCUA regional office or their state supervisory authority.