Who is primarily responsible for enforcing the provisions of the Truth in Lending Act?

The primary responsibility for enforcing the provisions of the Truth in Lending Act (TILA) lies with the Consumer Financial Protection Bureau (CFPB). Established in 2010, the CFPB was created to ensure that consumers are provided with clear and transparent information regarding financial products and services, which includes lending terms.

The Truth in Lending Act requires lenders to disclose specific information about the cost of borrowing, enabling consumers to compare different loan offers. The CFPB oversees compliance with TILA, ensuring that financial institutions adhere to its requirements and providing enforcement actions against those who violate its provisions. This role is crucial in protecting consumers from misleading lending practices and fostering transparency in the financial marketplace.

Other organizations mentioned play roles in consumer protection and financial regulation but do not hold the primary enforcement responsibility for TILA. The Federal Trade Commission primarily handles other consumer protection laws, the Federal Reserve Board primarily influences monetary policy and regulates banks, while the Office of Thrift Supervision was dissolved in 2011, with its responsibilities absorbed by the CFPB and other regulatory bodies.