Which federal agency has supervisory responsibilities for TILA compliance?

The Consumer Financial Protection Bureau (CFPB) is the federal agency responsible for supervising compliance with the Truth in Lending Act (TILA). TILA aims to promote informed use of consumer credit by requiring clear disclosure of key terms and costs associated with borrowing. The CFPB was established in response to the financial crisis and given broad authority to regulate and enforce consumer financial protection laws, including TILA.

By placing the oversight of TILA under the CFPB, the agency effectively ensures that lenders provide transparent information to consumers, thereby helping to protect them from unfair practices in lending. This supervisory responsibility includes conducting examinations and enforcing compliance among financial institutions.

Other agencies like HUD (Department of Housing and Urban Development), the FHA (Federal Housing Administration), and Fannie Mae (the Federal National Mortgage Association) have various roles in the housing market and mortgage lending but do not have the specific supervisory authority over TILA compliance that the CFPB possesses.