[Federal Register Volume 89, Number 199 (Tuesday, October 15, 2024)]
[Rules and Regulations]
[Pages 82934-82938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-23276]


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FEDERAL RESERVE SYSTEM

12 CFR Part 213

[Docket No. R-1842]
RIN 7100-AG 83

CONSUMER FINANCIAL PROTECTION BUREAU

12 CFR Part 1013


Consumer Leasing (Regulation M)

AGENCY: Board of Governors of the Federal Reserve System (Board) and 
Consumer Financial Protection Bureau (CFPB).

ACTION: Final rules and official interpretations.

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SUMMARY: The Board and the CFPB (collectively, Agencies) are finalizing 
amendments to the official

[[Page 82935]]

interpretations for the Agencies' regulations that implement the 
Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring 
that the dollar threshold for exempt consumer leases be adjusted 
annually by the annual percentage increase in the Consumer Price Index 
for Urban Wage Earners and Clerical Workers (CPI-W). Based on the 
annual percentage increase in the CPI-W as of June 1, 2024, the 
exemption threshold will increase from $69,500 to $71,900 effective 
January 1, 2025. Because the Dodd-Frank Act also requires similar 
adjustments in the Truth in Lending Act's threshold for exempt consumer 
credit transactions, the Agencies are making similar amendments to each 
of their respective regulations implementing the Truth in Lending Act 
elsewhere in the Rules section of this issue of the Federal Register.

DATES: This final rule is effective January 1, 2025.

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) 452-3667. For users of TTY-TRS, please call 711 from any 
telephone, anywhere in the United States.
    CFPB: George Karithanom, Regulatory Implementation & Guidance 
Program Analyst, Office of Regulations, at 202-435-7700 or at: https://reginquiries.consumerfinance.gov/. If you require this document in an 
alternative electronic format, please contact 
<a href="/cdn-cgi/l/email-protection#8dcecbddcfd2cceeeee8fefee4efe4e1e4f9f4cdeeebfdefa3eae2fb"><span class="__cf_email__" data-cfemail="51121701130e1032323422223833383d38252811323721337f363e27">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION:

I. Background

    The Dodd-Frank Act increased the threshold in the CLA for exempt 
consumer leases, and the threshold in the Truth in Lending Act (TILA) 
for exempt consumer credit transactions,\1\ 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 for inflation by the annual percentage increase in the CPI-W, 
as published by the Bureau of Labor Statistics.\3\ In April 2011, the 
Board issued a final rule amending Regulation M (which implements the 
CLA) consistent with these provisions of the Dodd-Frank Act, along with 
a similar final rule amending Regulation Z (which implements TILA) 
(collectively, Board Final Threshold Rules).\4\
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    \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 226.3(b)(1)(i) (Board) and 12 CFR 
1026.3(b)(1)(i) (CFPB).
    \2\ Public Law 111-203, sec. 1100E, 124 Stat. 1376, 2111 (2010).
    \3\ Id.
    \4\ 76 FR 18349 (Apr. 4, 2011); 76 FR 18354 (Apr. 4, 2011).
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    Title X of the Dodd-Frank Act transferred rulemaking authority for 
a number of consumer financial protection laws from the Board to the 
CFPB, effective July 21, 2011. In connection with this transfer of 
rulemaking authority, the CFPB issued its own Regulation M implementing 
the CLA, 12 CFR part 1013, substantially duplicating the Board's 
Regulation M.\5\ Although the CFPB has the authority to issue rules to 
implement the CLA for most entities, the Board retains authority to 
issue rules under the CLA for certain motor vehicle dealers covered by 
section 1029(a) of the Dodd-Frank Act, and the Board's Regulation M 
continues to apply to those entities.\6\
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    \5\ See 76 FR 78500 (Dec. 19, 2011); 81 FR 25323 (Apr. 28, 
2016).
    \6\ Section 1029(a) 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. 5519(a). Section 1029(b) of the 
Dodd-Frank Act provides that ``[s]ubsection (a) shall not apply to 
any person, to the extent that such person--(1) provides consumers 
with any services related to residential or commercial mortgages or 
self-financing transactions involving real property; (2) operates a 
line of business--(A) that involves the extension of retail credit 
or retail leases involving motor vehicles; and (B) in which--(i) 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. 
5519(b).
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    The Agencies' regulations,\7\ and their accompanying official 
interpretations, provide that the exemption threshold will be adjusted 
annually effective January 1 of each year based on any annual 
percentage increase in the CPI-W 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 CPI-W 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 CPI-W would 
result in a $949 increase in the threshold amount, the threshold amount 
will be increased by $900.\8\ Since 2011, the Agencies have adjusted 
the Regulation M exemption threshold annually, in accordance with these 
rules.
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    \7\ 12 CFR 213.2(e)(1) (Board) and 12 CFR 1013.2(e)(1) (CFPB).
    \8\ See comments 2(e)-9 in supplement I of 12 CFR parts 213 and 
1013.
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    On November 30, 2016, the Agencies 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 1100E(b) of the Dodd-Frank Act, the values for 
the exemption threshold keep pace with the CPI-W (Regulation M 
Adjustment Calculation Rule).\9\ The Regulation M Adjustment 
Calculation Rule memorialized the policy that, if there is no annual 
percentage increase in the CPI-W, the Agencies will not adjust the 
exemption threshold from the prior year. The Regulation M 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 CPI-W from the previous year, the threshold is calculated by 
applying the annual percentage change in the CPI-W to the dollar amount 
that would have resulted, after rounding, if the decreases and any 
subsequent increases in the CPI-W 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.
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    \9\ See 81 FR 86256 (Nov. 30, 2016).
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II. 2025 Adjustment and Official Interpretations Revision

    Effective January 1, 2025, the exemption threshold amount is 
increased from $69,500 to $71,900. This amount is based on the CPI-W in 
effect on June 1, 2024, which was reported on May 15, 2024 (based on 
April 2024 data).\10\ The CPI-W is a subset of the

[[Page 82936]]

CPI-U index (based on all urban consumers) and represents approximately 
30 percent of the U.S. population. The CPI-W reported on May 15, 2024, 
reflects a 3.4 percent increase in the CPI-W from April 2023 to April 
2024. Accordingly, the 3.4 percent increase in the CPI-W from April 
2023 to April 2024 results in an exemption threshold amount of $71,900, 
after rounding. The Agencies are revising the official interpretations 
to their respective regulations to add new comment 2(e)-11.xvi to state 
that, from January 1, 2025, through December 31, 2025, the threshold 
amount is $71,900. These revisions are effective January 1, 2025.
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    \10\ The Bureau of Labor Statistics calculates consumer-based 
indices for each month but does not report those indices until the 
middle of the following month. As such, the most recently reported 
indices as of June 1, 2024, were reported on May 15, 2024, and 
reflect economic conditions in April 2024.
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III. Regulatory Analysis

Administrative Procedure Act

    Under the Administrative Procedure Act, notice and opportunity for 
public comment are not required if the Agencies find that notice and 
public comment are impracticable, unnecessary, or contrary to the 
public interest.\11\ The amendments in this rule are technical and 
apply the method previously set forth in the Board Final Threshold 
Rules and the Regulation M Adjustment Calculation Rule. For these 
reasons, the Agencies have determined that publishing a notice of 
proposed rulemaking and providing opportunity for public comment are 
unnecessary. Therefore, the amendments are adopted in final form.
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    \11\ 5 U.S.C. 553(b)(B).
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Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) does not apply to a rulemaking 
where a general notice of proposed rulemaking is not required.\12\ As 
noted previously, the Agencies have determined that it is unnecessary 
to publish a general notice of proposed rulemaking for this joint final 
rule. Accordingly, the RFA's requirements relating to an initial and 
final regulatory flexibility analysis do not apply.
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    \12\ 5 U.S.C. 603(a) and 604(a).
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Paperwork Reduction Act

    The Agencies reviewed this final rule in accordance with the 
Paperwork Reduction Act of 1995.\13\ The Agencies have determined that 
this rule does not create any new information collections or 
substantially revise any existing collections.
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    \13\ 44 U.S.C. 3506; 5 CFR part 1320.
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CFPB Congressional Review Act Statement

    Pursuant to the Congressional Review Act (5 U.S.C. 801 et seq.), 
the CFPB will submit a report containing this rule and other required 
information to the U.S. Senate, the U.S. House of Representatives, and 
the Comptroller General of the United States prior to the rule taking 
effect. The Office of Information and Regulatory Affairs has designated 
this rule as not a ``major rule'' as defined by 5 U.S.C. 804(2).

List of Subjects

12 CFR Part 213

    Advertising, Consumer leasing, Consumer protection, Federal Reserve 
System, Reporting and recordkeeping requirements.

12 CFR Part 1013

    Administrative practice and procedure, Advertising, Consumer 
protection, Reporting and recordkeeping requirements, Truth-in-lending.

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Authority and Issuance

    For the reasons set forth in the preamble, the Board amends 
Regulation M, 12 CFR part 213, as set forth below:

PART 213--CONSUMER LEASING (REGULATION M)

0
1. The authority citation for part 213 continues to read as follows:

    Authority:  15 U.S.C. 1604 and 1667f; Pub. L. 111-203 section 
1100E, 124 Stat. 1376.


0
2. In supplement I to part 213, under Section 213.2--Definitions, 
revise 2(e) Consumer Lease, as follows:

Supplement I to Part 213--Official Staff Interpretations

* * * * *

Section 213.2--Definitions

* * * * *

2(e) Consumer Lease

    1. Primary purposes. A lessor must determine in each case if the 
leased property will be used primarily for personal, family, or 
household purposes. If a question exists as to the primary purpose 
for a lease, the fact that a lessor gives disclosures is not 
controlling on the question of whether the transaction is covered. 
The primary purpose of a lease is determined before or at 
consummation and a lessor need not provide Regulation M disclosures 
where there is a subsequent change in the primary use.
    2. Period of time. To be a consumer lease, the initial term of 
the lease must be more than four months. Thus, a lease of personal 
property for four months, three months or on a month-to-month or 
week-to-week basis (even though the lease actually extends beyond 
four months) is not a consumer lease and is not subject to the 
disclosure requirements of the regulation. However, a lease that 
imposes a penalty for not continuing the lease beyond four months is 
considered to have a term of more than four months. To illustrate:
    i. A three-month lease extended on a month-to-month basis and 
terminated after one year is not subject to the regulation.
    ii. A month-to-month lease with a penalty, such as the 
forfeiture of a security deposit for terminating before one year, is 
subject to the regulation.
    3. Total contractual obligation. The total contractual 
obligation is not necessarily the same as the total of payments 
disclosed under Sec.  213.4(e). The total contractual obligation 
includes nonrefundable amounts a lessee is contractually obligated 
to pay to the lessor, but excludes items such as:
    i. Residual value amounts or purchase-option prices;
    ii. Amounts collected by the lessor but paid to a third party, 
such as taxes, licenses, and registration fees.
    4. Credit sale. The regulation does not cover a lease that meets 
the definition of a credit sale in Regulation Z, 12 CFR 
226.2(a)(16), which is defined, in part, as a bailment or lease 
(unless terminable without penalty at any time by the consumer) 
under which the consumer:
    i. Agrees to pay as compensation for use a sum substantially 
equivalent to, or in excess of, the total value of the property and 
services involved; and
    ii. Will become (or has the option to become), for no additional 
consideration or for nominal consideration, the owner of the 
property upon compliance with the agreement.
    5. Agricultural purpose. Agricultural purpose means a purpose 
related to the production, harvest, exhibition, marketing, 
transportation, processing, or manufacture of agricultural products 
by a natural person who cultivates, plants, propagates, or nurtures 
those agricultural products, including but not limited to the 
acquisition of personal property and services used primarily in 
farming. Agricultural products include horticultural, viticultural, 
and dairy products, livestock, wildlife, poultry, bees, forest 
products, fish and shellfish, and any products thereof, including 
processed and manufactured products, and any and all products raised 
or produced on farms and any processed or manufactured products 
thereof.
    6. Organization or other entity. A consumer lease does not 
include a lease made to an organization such as a corporation or a 
government agency or instrumentality. Such a lease is not covered by 
the regulation even if the leased property is used (by an employee, 
for example) primarily for personal, family or household purposes, 
or is guaranteed by or subsequently assigned to a natural person.
    7. Leases of personal property incidental to a service. The 
following leases of personal property are deemed incidental to a 
service and thus are not subject to the regulation:
    i. Home entertainment systems requiring the consumer to lease 
equipment that enables a television to receive the transmitted 
programming.
    ii. Security alarm systems requiring the installation of leased 
equipment intended to

[[Page 82937]]

monitor unlawful entries into a home and in some cases to provide 
fire protection.
    iii. Propane gas service where the consumer must lease a propane 
tank to receive the service.
    8. Safe deposit boxes. The lease of a safe deposit box is not a 
consumer lease under Sec.  213.2(e).
    9. Threshold amount. A consumer lease is exempt from the 
requirements of this part if the total contractual obligation 
exceeds the threshold amount in effect at the time of consummation. 
The threshold amount in effect during a particular time period is 
the amount stated in comment 2(e)-11 for that period. The threshold 
amount is adjusted effective January 1 of each year by any annual 
percentage increase in the Consumer Price Index for Urban Wage 
Earners and Clerical Workers (CPI-W) that was in effect on the 
preceding June 1. Comment 2(e)-11 will be amended to provide the 
threshold amount for the upcoming year after the annual percentage 
change in the CPI-W that was in effect on June 1 becomes available. 
Any increase in the threshold amount will be rounded to the nearest 
$100 increment. For example, if the annual percentage increase in 
the CPI-W 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 CPI-W would result in a $949 
increase in the threshold amount, the threshold amount will be 
increased by $900. If a consumer lease is exempt from the 
requirements of this part because the total contractual obligation 
exceeds the threshold amount in effect at the time of consummation, 
the lease remains exempt regardless of a subsequent increase in the 
threshold amount.
    10. No increase in the CPI-W. If the CPI-W in effect on June 1 
does not increase from the CPI-W in effect on June 1 of the previous 
year, the threshold amount effective the following January 1 through 
December 31 will not change from the previous year. When this 
occurs, for the years that follow, the threshold is calculated based 
on the annual percentage change in the CPI-W applied to the dollar 
amount that would have resulted, after rounding, if decreases and 
any subsequent increases in the CPI-W had been taken into account.
    i. Net increases. 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.
    ii. Net decreases. 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.
    11. Threshold. For purposes of Sec.  213.2(e)(1), the threshold 
amount in effect during a particular period is the amount stated in 
the following for that period.
    i. Prior to July 21, 2011, the threshold amount is $25,000.
    ii. From July 21, 2011, through December 31, 2011, the threshold 
amount is $50,000.
    iii. From January 1, 2012, through December 31, 2012, the 
threshold amount is $51,800.
    iv. From January 1, 2013, through December 31, 2013, the 
threshold amount is $53,000.
    v. From January 1, 2014, through December 31, 2014, the 
threshold amount is $53,500.
    vi. From January 1, 2015, through December 31, 2015, the 
threshold amount is $54,600.
    vii. From January 1, 2016, through December 31, 2016, the 
threshold amount is $54,600.
    viii. From January 1, 2017, through December 31, 2017, the 
threshold amount is $54,600.
    ix. From January 1, 2018, through December 31, 2018, the 
threshold amount is $55,800.
    x. From January 1, 2019, through December 31, 2019, the 
threshold amount is $57,200.
    xi. From January 1, 2020, through December 31, 2020, the 
threshold amount is $58,300.
    xii. From January 1, 2021, through December 31, 2021, the 
threshold amount is $58,300.
    xiii. From January 1, 2022, through December 31, 2022, the 
threshold amount is $61,000.
    xiv. From January 1, 2023, through December 31, 2023, the 
threshold amount is $66,400.
    xv. From January 1, 2024, through December 31, 2024, the 
threshold amount is $69,500.
    xvi. From January 1, 2025, through December 31, 2025, the 
threshold amount is $71,900.
* * * * *

CONSUMER FINANCIAL PROTECTION BUREAU

Authority and Issuance

    For the reasons set forth in the preamble, the CFPB amends 
Regulation M, 12 CFR part 1013, as set forth below:

PART 1013--CONSUMER LEASING (REGULATION M)

0
3. The authority citation for part 1013 continues to read as follows:

    Authority:  15 U.S.C. 1604 and 1667f; Pub. L. 111-203 sec. 
1100E, 124 Stat. 1376.


0
4. In supplement I to part 1013, under Section 1013.2--Definitions, 
revise 2(e)--Consumer Lease to read as follows:

Supplement I to Part 1013--Official Interpretations

* * * * *

Section 1013.2--Definitions

* * * * *

2(e) Consumer Lease

    1. Primary purposes. A lessor must determine in each case if the 
leased property will be used primarily for personal, family, or 
household purposes. If a question exists as to the primary purpose 
for a lease, the fact that a lessor gives disclosures is not 
controlling on the question of whether the transaction is covered. 
The primary purpose of a lease is determined before or at 
consummation and a lessor need not provide Regulation M disclosures 
where there is a subsequent change in the primary use.
    2. Period of time. To be a consumer lease, the initial term of 
the lease must be more than four months. Thus, a lease of personal 
property for four months, three months or on a month-to-month or 
week-to-week basis (even though the lease actually extends beyond 
four months) is not a consumer lease and is not subject to the 
disclosure requirements of the regulation. However, a lease that 
imposes a penalty for not continuing the lease beyond four months is 
considered to have a term of more than four months. To illustrate:
    i. A three-month lease extended on a month-to-month basis and 
terminated after one year is not subject to the regulation.
    ii. A month-to-month lease with a penalty, such as the 
forfeiture of a security deposit for terminating before one year, is 
subject to the regulation.
    3. Total contractual obligation. The total contractual 
obligation is not necessarily the same as the total of payments 
disclosed under Sec.  1013.4(e). The total contractual obligation 
includes nonrefundable amounts a lessee is contractually obligated 
to pay to the lessor, but excludes items such as:
    i. Residual value amounts or purchase-option prices;
    ii. Amounts collected by the lessor but paid to a third party, 
such as taxes, licenses, and registration fees.
    4. Credit sale. The regulation does not cover a lease that meets 
the definition of a credit sale in Regulation Z, 12 CFR 
226.2(a)(16), which is defined, in part, as a bailment or lease 
(unless terminable without penalty at any time by the consumer) 
under which the consumer:
    i. Agrees to pay as compensation for use a sum substantially 
equivalent to, or in excess of, the total value of the property and 
services involved; and
    ii. Will become (or has the option to become), for no additional 
consideration or for nominal consideration, the owner of the 
property upon compliance with the agreement.
    5. Agricultural purpose. Agricultural purpose means a purpose 
related to the production, harvest, exhibition, marketing, 
transportation, processing, or manufacture of agricultural products 
by a natural person who cultivates, plants, propagates, or nurtures 
those agricultural products, including but not limited to the 
acquisition of personal property and services used primarily in 
farming. Agricultural products include horticultural, viticultural, 
and dairy products, livestock, wildlife, poultry, bees, forest 
products, fish and shellfish, and any products thereof, including 
processed and manufactured products, and any and all products raised 
or produced on farms and any processed or manufactured products 
thereof.
    6. Organization or other entity. A consumer lease does not 
include a lease made to an

[[Page 82938]]

organization such as a corporation or a government agency or 
instrumentality. Such a lease is not covered by the regulation even 
if the leased property is used (by an employee, for example) 
primarily for personal, family or household purposes, or is 
guaranteed by or subsequently assigned to a natural person.
    7. Leases of personal property incidental to a service. The 
following leases of personal property are deemed incidental to a 
service and thus are not subject to the regulation:
    i. Home entertainment systems requiring the consumer to lease 
equipment that enables a television to receive the transmitted 
programming.
    ii. Security alarm systems requiring the installation of leased 
equipment intended to monitor unlawful entries into a home and in 
some cases to provide fire protection.
    iii. Propane gas service where the consumer must lease a propane 
tank to receive the service.
    8. Safe deposit boxes. The lease of a safe deposit box is not a 
consumer lease under Sec.  1013.2(e).
    9. Threshold amount. A consumer lease is exempt from the 
requirements of this part if the total contractual obligation 
exceeds the threshold amount in effect at the time of consummation. 
The threshold amount in effect during a particular time period is 
the amount stated in comment 2(e)-1 for that period. The threshold 
amount is adjusted effective January 1 of each year by any annual 
percentage increase in the Consumer Price Index for Urban Wage 
Earners and Clerical Workers (CPI-W) that was in effect on the 
preceding June 1. Comment 2(e)-11 will be amended to provide the 
threshold amount for the upcoming year after the annual percentage 
change in the CPI-W that was in effect on June 1 becomes available. 
Any increase in the threshold amount will be rounded to the nearest 
$100 increment. For example, if the annual percentage increase in 
the CPI-W 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 CPI-W would result in a $949 
increase in the threshold amount, the threshold amount will be 
increased by $900. If a consumer lease is exempt from the 
requirements of this part because the total contractual obligation 
exceeds the threshold amount in effect at the time of consummation, 
the lease remains exempt regardless of a subsequent increase in the 
threshold amount.
    10. No increase in the CPI-W. If the CPI-W in effect on June 1 
does not increase from the CPI-W in effect on June 1 of the previous 
year, the threshold amount effective the following January 1 through 
December 31 will not change from the previous year. When this 
occurs, for the years that follow, the threshold is calculated based 
on the annual percentage change in the CPI-W applied to the dollar 
amount that would have resulted, after rounding, if decreases and 
any subsequent increases in the CPI-W had been taken into account.
    i. Net increases. 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.
    ii. Net decreases. 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.
    11. Threshold. For purposes of Sec.  1013.2(e)(1), the threshold 
amount in effect during a particular period is the amount stated in 
the following for that period.
    i. Prior to July 21, 2011, the threshold amount is $25,000.
    ii. From July 21, 2011, through December 31, 2011, the threshold 
amount is $50,000.
    iii. From January 1, 2012, through December 31, 2012, the 
threshold amount is $51,800.
    iv. From January 1, 2013, through December 31, 2013, the 
threshold amount is $53,000.
    v. From January 1, 2014, through December 31, 2014, the 
threshold amount is $53,500.
    vi. From January 1, 2015, through December 31, 2015, the 
threshold amount is $54,600.
    vii. From January 1, 2016, through December 31, 2016, the 
threshold amount is $54,600.
    viii. From January 1, 2017, through December 31, 2017, the 
threshold amount is $54,600.
    ix. From January 1, 2018, through December 31, 2018, the 
threshold amount is $55,800.
    x. From January 1, 2019, through December 31, 2019, the 
threshold amount is $57,200.
    xi. From January 1, 2020, through December 31, 2020, the 
threshold amount is $58,300.
    xii. From January 1, 2021, through December 31, 2021, the 
threshold amount is $58,300.
    xiii. From January 1, 2022, through December 31, 2022, the 
threshold amount is $61,000.
    xiv. From January 1, 2023, through December 31, 2023, the 
threshold amount is $66,400.
    xv. From January 1, 2024, through December 31, 2024, the 
threshold amount is $69,500.
    xvi. From January 1, 2025, through December 31, 2025, the 
threshold amount is $71,900.
* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority.
Benjamin W. McDonough,
Deputy Secretary of the Board.
Brian Shearer,
Assistant Director, Office of Policy Planning and Strategy, Consumer 
Financial Protection Bureau.
[FR Doc. 2024-23276 Filed 10-11-24; 8:45 am]
BILLING CODE 6210-01-P; 4810-AM-P


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