Who implements the Truth-in-Lending Act?

The Truth-in-Lending Act (TILA) was established to promote the informed use of consumer credit by requiring disclosures about its terms and costs. The implementation of this act is specifically assigned to the Federal Reserve Board. This agency is responsible for developing regulations that help enforce the provisions of TILA, ensuring that consumers receive adequate information regarding the costs associated with credit, including interest rates and fees.

The Federal Reserve Board's role includes crafting the regulations that must be followed by lenders when disclosing credit terms to consumers, thereby promoting honesty and transparency in lending practices. It is important for borrowers to understand the cost of credit before they make borrowing decisions, and the Federal Reserve Board's oversight aids in ensuring that they receive consistent and clear information.

The other entities mentioned, while they may have roles in consumer protection or banking, do not specifically manage the implementation of the Truth-in-Lending Act. Each of their focuses differs: for example, the Federal Trade Commission primarily deals with consumer protection and preventing unfair business practices; the Department of Housing and Urban Development focuses on housing and urban development issues; and the Office of the Comptroller of the Currency regulates and supervises national banks and federal savings associations. Thus, understanding the specific roles of these various agencies helps clarify why the