What is the primary regulatory body for the Truth in Lending Act (TILA)?

The Consumer Financial Protection Bureau (CFPB) serves as the primary regulatory body for the Truth in Lending Act (TILA). TILA was established to promote the informed use of consumer credit and requires transparency in lending practices, enabling borrowers to make informed decisions. The CFPB’s role includes overseeing compliance with TILA, enforcing its provisions, and ensuring that lenders provide accurate and clear information regarding the terms and costs of loans. This focus on consumer protection aligns with the CFPB's broader mission, which encompasses various aspects of consumer finance regulation.

Other regulatory bodies mentioned, such as the Federal Reserve Board, develop regulations that relate to certain aspects of TILA, but the CFPB has the direct authority to implement and enforce the Act. Therefore, while other agencies have roles in the regulatory landscape, the CFPB is distinctly positioned as the primary authority responsible for TILA enforcement.