Which government agency is responsible for overseeing the Truth in Lending Act (TILA)?

The Consumer Financial Protection Bureau (CFPB) is the government agency responsible for overseeing the Truth in Lending Act (TILA). Established in response to the 2008 financial crisis, the CFPB has the authority to enforce various consumer protection laws, which include TILA. This act mandates clear disclosure of the terms and conditions of lending, ensuring consumers can make informed decisions regarding credit.

The CFPB's role involves implementing regulations to ensure transparency in lending practices and to protect consumers from deceptive financial practices. This includes overseeing compliance with TILA provisions by financial institutions, which helps maintain a fair and transparent lending environment.

In contrast, while the Federal Trade Commission focuses on consumer protection and competitive practices, it does not have direct oversight of TILA. The Federal Reserve Board has historically contributed to the regulation of aspects of TILA but its role has diminished since the CFPB's establishment. The Department of Housing and Urban Development (HUD) also handles certain aspects of housing and mortgage laws but does not oversee TILA. Therefore, the CFPB is the correct choice as it has the dedicated mandate and resources to enforce compliance with TILA effectively.