Which agency enforces the Truth-in-Lending Act?

The Consumer Financial Protection Bureau (CFPB) is the agency responsible for enforcing the Truth-in-Lending Act (TILA). This Act was established to promote informed consumer choice and improve the accuracy of information provided to consumers regarding credit terms. The CFPB oversees the implementation and enforcement of TILA to ensure that consumers receive clear and transparent disclosures about the costs associated with borrowing.

The Department of Housing and Urban Development primarily focuses on housing-related programs and policies but does not have the primary responsibility for TILA enforcement. Similarly, the Federal Housing Authority, which provides mortgage insurance on loans made by approved lenders, does not enforce TILA but rather impacts housing financing. The Federal Reserve, while it plays a role in implementing certain financial regulations and policies, is not the main enforcement agency for TILA; its primary function is in the area of monetary policy. Thus, the CFPB is specifically positioned to protect consumers by ensuring compliance with the Truth-in-Lending Act.