Who regulates the Truth in Lending Act (TILA)?

The Truth in Lending Act (TILA) is primarily regulated by the Consumer Financial Protection Bureau (CFPB). This regulation is essential as TILA aims to promote informed consumer use of credit by requiring disclosures about its terms and cost. The CFPB enforces compliance with TILA and ensures that lenders adhere to the regulations, thereby protecting consumers from unfair and deceptive practices in lending.

The CFPB is specifically responsible for implementing and enforcing federal consumer financial laws, which include TILA. This federal agency was created in response to the financial crisis of 2008 and has taken a significant role in protecting consumer rights in financial transactions.

While the Federal Reserve historically played a role in administering TILA prior to the establishment of the CFPB, its regulatory authority has since shifted to the CFPB following this agency's creation. HUD and FHFA have distinct regulatory responsibilities that do not directly pertain to TILA enforcement. HUD primarily focuses on housing policies, programs, and fair housing laws, while FHFA oversees government-sponsored enterprises in the housing finance sector, which is outside the scope of TILA's credit-related disclosures.