(a) Method of indexing

The dollar amounts set forth in—

(1) section 1713(c)(3)(A) of this title;

(2) section 1715e(b)(2)(A) of this title;

(3) section 1715k(d)(3)(B)(iii)(I) of this title;

(4) section 1715l(d)(3)(ii)(I) of this title;

(5) section 1715l(d)(4)(ii)(I) of this title;

(6) section 1715v(c)(2)(A) of this title; and

(7) section 1715y(e)(3)(A) of this title;

(collectively hereinafter referred to as the “Dollar Amounts”) shall be adjusted annually (commencing in 2004) on the effective date of the Federal Reserve Board’s adjustment of the $400 figure in the Home Ownership and Equity Protection Act of 1994 (HOEPA). The adjustment of the Dollar Amounts shall be calculated using the percentage change in the Consumer Price Index for All Urban Consumers (CPI-U) as applied by the Federal Reserve Board for purposes of the above-described HOEPA adjustment.

(b) Notification

The Federal Reserve Board on a timely basis shall notify the Secretary, or his designee, in writing of the adjustment described in subsection (a) and of the effective date of such adjustment in order to permit the Secretary to undertake publication in the Federal Register of corresponding adjustments to the Dollar Amounts. The dollar amount of any adjustment shall be rounded to the next lower dollar.