Consumer Protection – TILA

FDIC Law, Regulations, Related Acts

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 PROTECTION 

CONSUMER CREDIT PROTECTION ACT

§ 1.  Short title of entire Act

This Act may be cited as the Consumer Credit Protection 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                                                 Section
1.   GENERAL PROVISIONS                   101
2.   CREDIT TRANSACTIONS                 121
3.   CREDIT ADVERTISING                     141
4.   CREDIT BILLING                                161
5.   CONSUMER LEASES                        181

CHAPTER 1—GENERAL PROVISIONS

Sec.

101. Short title. 
102. Congressional findings and declaration of purpose. 
103. Definitions and rules of construction. 
104. Exempted transactions. 
105. Regulations. 
106. Determination of finance charge. 
107. Determination of annual percentage rate. 
108. Administrative enforcement. 
109. Views of other agencies. 
110. [Repealed.] 
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. 
115. [Repealed] 
502 Board review of consumer credit plans and regulations.

Related News and Issuances
Publish Date Identifier Title
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

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