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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 Website 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 (PDF) on administrative enforcement and related questions and answers (PDF) provide additional information for consumers and institutions.

Related News and Issuances

03/19/2024 NR 2024-27 OCC Reports Mortgage Performance for Fourth Quarter of 2023
02/13/2024 NR 2024-11 Acting Comptroller Discusses Appraisal Bias
01/09/2024 NR 2024-2 OCC Hosts Public Appraisal Subcommittee Hearing on Appraisal Bias