About This Research Guide
This research guide will describe sources available for research on the Truth In Lending Act (TILA).
The guide will direct the researcher to:
- Statutes and Regulations
- Seminal Case Law
- Legislative Oversight
- Administrative Decisions and Guidance
- Secondary Sources
- News Sources
Introduction to the Truth In Lending Act
The Truth in Lending Act, 15 U.S.C. §§1601-1667f (2006 & Supp. 2010) passed in 1968, is a federal consumer protection measure aimed at standardizing the disclosures regarding the cost of borrowing. The Act requires consumer lenders to inform the borrower of the cost of borrowing and the rights and obligations of the borrower and lender. Initially, the Federal Reserve Board was responsible for rule making under the Act and enforcement of rules regarding disclosures, while the Federal Trade Commission was responsible for enforcement of rules relating to advertisements. In response to the financial crisis of 2008-2009, the Dodd-Frank Wall Street Reform Act and Consumer Protection Act, Pub. L. No. 111-203, 12 Stat. 1376 (2010), substantially reorganized the regulatory structure of finance. Now, the Consumer Financial Protection Bureau, an independent agency under the Federal Reserve Board, has primary rulemaking and enforcement authority under TILA, with some authority delegated to the Federal Trade Commission.