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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
03/26/2019  OCC 2019-16, Consumer Compliance: Revised Interagency Examination Procedures
09/26/2018  OCC 2018-31, Truth in Lending Act: Revised Comptroller's Handbook Booklet and Rescissions
01/24/2017  NR 2017-13, Federal Banking Agencies Fine ServiceLink Holdings $65 Million
01/09/2017  NR 2017-5, OCC Terminates Mortgage Servicing-Related Consent Order Against HSBC Bank USA, N.A., Issues $32.5 Million Civil Money Penalty
05/25/2016  NR 2016-61, OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty