Which entity is responsible for enforcing the Truth-in-Lending Act?

The Consumer Financial Protection Bureau (CFPB) is the entity responsible for enforcing the Truth-in-Lending Act (TILA). This act is designed to promote informed use of consumer credit by requiring clear disclosure of key terms of the lending arrangement and all costs. The CFPB was established in 2010 following the financial crisis, with a focus on providing protections for consumers in the financial sector, including areas impacted by TILA.

By providing oversight and guidance on lending practices, the CFPB ensures that lenders adhere to the disclosure requirements set forth by TILA, thereby fostering transparency and fairness in consumer lending. This regulatory role is critical to helping consumers understand their rights and the costs associated with credit, ultimately supporting more informed financial decisions.

The other entities listed have different focus areas and regulatory responsibilities. The Federal Trade Commission primarily deals with protecting consumers from deceptive practices in the marketplace, while the Department of Housing and Urban Development focuses on national policy and programs related to housing, and the Office of the Comptroller of the Currency oversees and regulates national banks but does not enforce TILA directly.