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  • Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions

    Agencies announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease transactions | site |


    (Information contained in Board of Governors of Federal Reserve System press release: November 18, 2020)


    Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau


    Washington, D.C. — The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act that require adjusting the thresho...
    See more | Go to post

  • Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions

    Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions| site |


    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau
    (October 31, 2019) - - Today (October 31, 2019), the Board of Governors of the Federal Reserve System published the following information: The Consumer Financial Protection Bureau (Bureau) and Federal Reserve Board today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2020. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act that require adjusting these thresholds annually based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
    ...
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  • Agencies issue Final Rule to Exempt Residential Real Estate Transactions of 400,000 Dollars or Less from Appraisal Requirements

    Agencies issue Final Rule to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements| site |


    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (September 27, 2019) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. The appraisal threshold was last changed in 1994. Given price appreciation in residential real estate transactions since that time, the change will provide burden relief without posing a threat to the safety and soundness of financial institutions. For transactions exempted from the appraisal requirement, the final rule requir
    ...
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  • Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of 500,000 Dollars or Less from Appraisal Requirements

    Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of $500,000 or Less from Appraisal Requirements




    Washington, DC - - (April 2, 2018) - - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule that increases the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000. The agencies originally proposed to raise the threshold, which has been in place since 1994, to $400,000, but determined that a $500,000 threshold will materially reduce regulatory burden and the number of transactions that require an appraisal. The agencies also determined that the increased threshold will not pose a threat to the safety and soundness of financial institutions. The final rule allows a financial institution to use an e...
    See more | Go to post

  • IRS Reminds Taxpayers to Report Virtual Currency Transactions

    IRS Reminds Taxpayers to Report Virtual Currency Transactions

    IRS Reminds Taxpayers to Report Virtual Currency Transactions

    March 26, 2018



    Washington, DC - - (March 23, 2018) - - The Internal Revenue Service today reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns.

    Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, also known as digital currency. Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest. In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences
    ...
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  • Staff Reporter 1
    Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions
    by Staff Reporter 1
    Agencies announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease transactions | site |


    (Information contained in Board of Governors of Federal Reserve System press release: November 18, 2020)


    Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau


    Washington, D.C. — The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act that require adjusting the thresho...
    11-20-2020, 05:40 AM
  • Staff Reporter 1
    Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
    by Staff Reporter 1
    Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions| site |


    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau
    (October 31, 2019) - - Today (October 31, 2019), the Board of Governors of the Federal Reserve System published the following information: The Consumer Financial Protection Bureau (Bureau) and Federal Reserve Board today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2020. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act that require adjusting these thresholds annually based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
    ...
    11-10-2019, 05:15 AM
  • Staff Reporter 1
    Agencies issue Final Rule to Exempt Residential Real Estate Transactions of 400,000 Dollars or Less from Appraisal Requirements
    by Staff Reporter 1
    Agencies issue Final Rule to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements| site |


    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (September 27, 2019) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. The appraisal threshold was last changed in 1994. Given price appreciation in residential real estate transactions since that time, the change will provide burden relief without posing a threat to the safety and soundness of financial institutions. For transactions exempted from the appraisal requirement, the final rule requir
    ...
    09-27-2019, 08:47 PM
  • Staff Reporter 1
    Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of 500,000 Dollars or Less from Appraisal Requirements
    by Staff Reporter 1
    Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of $500,000 or Less from Appraisal Requirements




    Washington, DC - - (April 2, 2018) - - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule that increases the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000. The agencies originally proposed to raise the threshold, which has been in place since 1994, to $400,000, but determined that a $500,000 threshold will materially reduce regulatory burden and the number of transactions that require an appraisal. The agencies also determined that the increased threshold will not pose a threat to the safety and soundness of financial institutions. The final rule allows a financial institution to use an e...
    04-08-2018, 05:35 AM
  • Staff Reporter 1
    IRS Reminds Taxpayers to Report Virtual Currency Transactions
    by Staff Reporter 1
    IRS Reminds Taxpayers to Report Virtual Currency Transactions

    March 26, 2018



    Washington, DC - - (March 23, 2018) - - The Internal Revenue Service today reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns.

    Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, also known as digital currency. Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest. In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences
    ...
    03-26-2018, 01:32 PM

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