Truth in Lending
Leading Case Law – Jesinoski v. Countrywide Home Loans, Inc. – Supreme Court Decision
The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
For loans covered under TILA, you have a right of rescission, which allows you three days to reconsider your decision and back out of the loan process without losing any money. This right helps protect you against high-pressure sales tactics used by unscrupulous lenders.
TILA does not tell banks how much interest they may charge or whether they must grant a consumer loan. Learn more. Read Facts for Consumers: Home Equity Credit Lines on the Federal Trade Commission Web site and OCC’s Answers about Consumer Loans.
6500 – Consumer Protection
CONSUMER CREDIT PROTECTION ACT
§ 1. Short title of entire Act
[Codified to 15 U.S.C. 1601 note]
[Source: Section 1 of title I of the Act of May 29, 1968 (Pub. L. No. 90–321; 82 Stat. 146), effective May 29, 1968]
TITLE I—CONSUMER CREDIT COST DISCLOSURE
CHAPTER 1—GENERAL PROVISIONS
102. Congressional findings and declaration of purpose.
103. Definitions and rules of construction.
104. Exempted transactions.
106. Determination of finance charge.
107. Determination of annual percentage rate.
108. Administrative enforcement.
109. Views of other agencies.
111. Effect on other laws.
112. Criminal liability for willful and knowing violation.
113. Effect on governmental agencies.
114. Reports by Board and Attorney General.
502 Board review of consumer credit plans and regulations.
|07/18/2012||NR 2012-110,||OCC Assesses Civil Money Penalty Against Capital One, Orders Restitution to 2.5 Million Customers|
|09/07/2011||OCC 2011-36,||Truth in Lending Act: Annual Dollar Trigger for Certain Home Mortgage Loans|
|09/16/2010||OCC 2010-36,||Truth in Lending Act: Annual Dollar Trigger for Certain Home Mortgage Loans|
|08/20/2008||OCC 2008-21,||Truth in Lending Act: Annual Dollar Trigger for Certain Home Mortgage Loans Bearing Fees Above a Certain Amount|
|03/30/2006||NR 2006-40,||OCC Chief Counsel Highlights Need For Improved Consumer Financial Disclosures|