WASHINGTON – In a gesture to retiring House Financial Services Committee Ranking Member John LaFalce (D-N.Y.), the House passed a bill that the congressman introduced increasing the thresholds for consumer disclosures in the Truth in Lending Act (TILA). The House approved the Truth in Lending Inflation Adjustment Act (H.R. 5507) to increase the maximum loan amount from $25,000 to $75,000 prompting consumer disclosures under TILA. Lenders, including credit unions, under the bill would be required to disclose finance costs to consumers for loans and leases in amounts up to $75,000. The bill awaits action in the Senate.
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