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Truth in Lending

The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.

For loans covered under TILA, you have a right of rescission, which allows you three days to reconsider your decision and back out of the loan process without losing any money. This right helps protect you against high-pressure sales tactics used by unscrupulous lenders.

TILA does not tell banks how much interest they may charge or whether they must grant a consumer loan. Learn more. Read Facts for Consumers: Home Equity Credit Lines on the Federal Trade Commission Web site and OCC’s Answers about Consumer Loans.

Federal law authorizes the OCC to order supervised institutions to make monetary and other adjustments to the accounts of consumers where an annual percentage rate (APR) or finance charge was inaccurately disclosed under certain circumstances. An interagency policy statement on administrative enforcement and related questions and answers provide additional information for consumers and institutions.

Related News and Issuances
Publish DateIdentifierTitle
12/16/2014  OCC 2014-61, Truth in Lending Act: Revised Comptroller's Handbook Booklet and Rescissions
11/20/2013  OCC 2013-34, OTS Policy Integration: Rescission of Office of Thrift Supervision Compliance Documents
09/19/2013  NR 2013-139, OCC Takes Action Against JPMC to Protect Consumers and to Ensure Servicemembers Receive Credit Protections for Their Non-Home Loans
02/06/2013  OCC 2013-6, Truth in Lending Act and Consumer Leasing Act: Dollar Thresholds for Exempt Consumer Credit and Lease Transactions
02/06/2013  OCC 2013-4, Truth in Lending Act: Annual Dollar Trigger for Certain Home Mortgages