FRB Updates High Cost Loan Number
Each year, the Federal Reserve updates the number to be used in calculations for high cost loans (§226.32 of Regulation Z.) The new number for 2005 calculations has been announced. Beginning in January 2005, creditors should use $510 to compare to the total finance charge of high cost loans. Remember that this new number affects not only Truth in Lending calculations but also may affect HMDA reporting.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 9, 9/04
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