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Overview of the Truth in Lending Act (CRS Report for Congress)

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Release Date Sept. 19, 2024
Report Number IF12769
Report Type In Focus
Authors Karl E. Schneider
Source Agency Congressional Research Service
Summary:

The Truth in Lending Act (TILA; 15 U.S.C. §§1601 et seq.) requires creditors to disclose standardized information for various financing products and offers additional consumer protections. TILA applies to most forms of consumer lending, including mortgages, auto loans, credit cards, and payday lending. The Consumer Financial Protection Bureau (CFPB) has rulemaking authority over TILA and its implementing regulation, Regulation Z. The CFPB shares supervisory and enforcement authorities with the Federal Trade Commission (FTC). In the 118th Congress, legislation has been introduced relevant to TILA that would clarify the types of products that should be covered, modify or impose new pricing caps, offer regulatory relief for financial institutions, and modify disclosure requirements.