Which federal agency oversees compliance with the Truth in Lending Act?

The Consumer Financial Protection Bureau (CFPB) is the federal agency responsible for overseeing compliance with the Truth in Lending Act (TILA). This statute is designed to promote transparency in lending by requiring lenders to disclose clear and accurate information about loan terms, including interest rates and total costs. The CFPB was established after the financial crisis to protect consumers in the financial marketplace, and part of its mandate includes enforcing TILA provisions that help consumers make informed borrowing decisions.

The other agencies mentioned, while playing important roles in the financial and housing sectors, do not have oversight responsibilities for TILA. The FHA primarily focuses on providing mortgage insurance and facilitating housing finance programs. The Securities and Exchange Commission (SEC) is concerned with regulating the securities markets and protecting investors, while the Department of Housing and Urban Development (HUD) deals with urban development and housing policies but is not tasked with the enforcement of TILA.