ALEXANDRIA, Va. — NCUA has posted a Regulatory Alert No. 06-RA-05, to inform federally insured credit unions of a recent change the Federal Reserve System Board of Governors made to the minimum level of points and fees that mandate lenders to provide borrowers disclosures required by Section 32 of Regulation Z, Truth in Lending.
The board annually revises the minimum threshold for the total amount of points and fees that require lenders to provide borrowers disclosures mandated by the Home Ownership and Equity Protection Act.
Effective Jan. 1, 2007, the minimum threshold for total fees and points will increase from $528 to $547. If the total points and fees exceed the greater of $547 or 8% of the loan amount, Section 32 of Reg Z requires lenders to provide borrowers additional disclosures.
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