Who is responsible for the administration of TILA as per the Dodd-Frank Act?

The Consumer Financial Protection Bureau (CFPB) is responsible for the administration of the Truth in Lending Act (TILA) as specified in the Dodd-Frank Act. The Dodd-Frank Act, enacted in response to the 2008 financial crisis, brought significant changes to financial regulation, including the restructuring of oversight for consumer financial laws to enhance consumer protection.

The CFPB was created to centralize authority over consumer financial products and services, which includes enforcing TILA. This law requires clear disclosure of key terms of lending arrangements and all costs associated with borrowing and is aimed at preventing misleading or unfair lending practices.

In contrast, the Federal Trade Commission primarily focuses on protecting consumers from unfair or deceptive business practices across various industries, but it does not have the same level of specialized authority over lending practices as the CFPB. The Federal Reserve Board historically had some regulatory authority over TILA but saw its powers significantly reduced as a result of the Dodd-Frank Act, which transferred many of those responsibilities to the CFPB. The Department of Housing and Urban Development (HUD) oversees certain aspects of housing finance, but it does not administer TILA directly; instead, it focuses more on issues related to fair housing and housing assistance.