The purpose of this Act is to protect consumers in the interaction with creditors and lenders, The Truth in Lending Act (TILA), was enacted on May 29, 1968, as title I of the Consumer Credit Protection Act. TILA was implemented by Regulation Z July 1, 1969.
Several amendments to TILA and Regulation Z have been implemented since 1969, most recently the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This act granted rulemaking authority under TILA to the Consumer Financial Protection Bureau (CFPB). It also included a number of new amendments to TILA, and in 2013, the CFPB issued rules to implement them.
The most recent amendments became effective January 2014, including the additions of ability-to-repay requirements for mortgage loans, appraisal requirements for higher-priced mortgage loans, refined loan originator compensation rules, and loan origination qualification standards. Continue reading “What You Need to Know About The Truth in Lending Act” »