Under the microscope: Back to the future of TILA


"Sparked by perceived increases in deceptive practices and widespread confusion about the nature and cost of credit, the Truth in Lending Act of 1968 emerged from much the same sentiment that this year prompted the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. More than three deacdes later, Dodd-Frank breathes new life into TILA by adding several substantive consumer protection provisions, amending its disclosure requirements, and charging the newly created Consumer Financial Protection Bureau with its enforcement.

While it remains to be seen whether this regulatory overhaul will have its intended effect in enhancing meaningful disclosure and informed consumer decision-making, there is little doubt that Dodd-Frank will result in increased scrutiny that will have an immediate and lasting impact on the financial services industry."

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