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Truth in Lending Act (Reg Z)

TILA promotes the informed use of consumer credit by requiring timely disclosure about its costs. It also includes substantive provisions such as the consumer’s right of rescission on certain mortgage loans and timely resolution of billing disputes.

The Truth in Lending Act (TILA) and its implementing regulation, Regulation Z, require creditors to disclose information relating to the cost of loans, comply with advertising requirements, and follow standards in processing of credit balances. TILA was passed into law in 1968 to promote the informed use of consumer credit and applies to multiple types of credit, including mortgages, home equity lines, auto loans, and closed-end installment loans. Over its multiple decades of existence, TILA and Regulation Z have evolved into a multifaceted amalgam of provisions that advance consumer protection objectives. TILA compliance remains a top risk element for banks as violations can lead to severe penalties, including significant civil liability from both regulatory actions and private lawsuits.

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Rod Alba

Senior Vice President, Real Estate Finance

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Hallee Morgan

Vice President & Senior Counsel, Regulatory Compliance and Policy

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