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The Board of Governors of the Federal Reserve System (Board) and the Bureau of Consumer Financial Protection (Bureau) are proposing to amend the official interpretations and commentary 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 credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).  If there is no annual percentage increase in the CPI-W, the Board and the Bureau will not adjust this exemption threshold from the prior year.  The proposal would memorialize this as well as the Agencies' calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI-W.

Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Board and the Bureau are proposing similar amendments to the commentaries to each of their respective regulations implementing the Truth in Lending Act elsewhere in the Federal Register.