Truth in Lending Act

The Truth in Lending Act (TILA) is a federal statute that requires lenders to make certain disclosures about the terms and cost of consumer credit. TILA contains provisions governing open-end credit lines, closed-end credit lines, residential mortgages, and private education loans. The Consumer Financial Protection Bureau enjoys primary rulemaking authority with respect to TILA. The regulations implementing TILA are known as Regulation Z.