Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Truth in Lending Act (TILA)

Administering Agency/Entity Consumer Financial Protection Bureau (CFPB) and Federal Financial Regulators (Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency) and the Federal Financial Institutions Examination Council (FFIEC)
Short Description Provides consumers with accurate information about the cost of credit. Among other things, TILA requires lenders to disclose information about the terms of loans (including the amount financed, finance charge, annual percentage rate) that can help borrowers understand overall loan costs. In response to concerns about predatory lending, Congress amended TILA with the Home Ownership Equity Protection Act of 1994, which regulates and restricts the terms and characteristics of certain kinds of “high-cost” mortgages that exceed certain thresholds for annual percentage rates or fees. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 reforms mortgage lending by amending TILA to prohibit lenders from making mortgage loans without regard to consumers' ability to repay them. Responsibility for rulemaking under TILA moved to the CFPB. CFPB, the federal financial regulators, and the Federal Trade Commission enforce compliance with the act, and FFIEC helps promote uniformity.
Primary Purpose Regulatory requirements
Type of Housing Supported Homeownership
Type of Assistance Regulation
Fiscal Year 2010 Obligations Costs for the housing-related aspects of TILA are not quantified or tracked separately.

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