Fed Raises Dollar Threshold for HOEPA Disclosures
WASHINGTON -- The Federal Reserve Board has increased the dollar amount for points and fees that trigger disclosures to borrowers under the Home Ownership and Equity Protection Act of 1934. The new minimum amount becomes effective January 1, 2009.
HOEPA regulates high-cost home loans. Congress enacted HOEPA in 1994 in response to concerns about predatory lending in the home equity market.