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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

DateIDTitle
10/13/2022 NR 2022-127 Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
09/15/2022 NR 2022-114 OCC Reports Improvement in Overall Mortgage Performance
07/12/2022 NR 2022-81 OCC Marks Project REACh Anniversary with Financial Inclusion Symposium