Truth in Lending Act

This policy and procedure guide addresses Truth in Lending Act (TILA) and its implementing Regulation Z requirements consumer protections in relation to open-end and closed-end credit transactions.

Overview

The AllRegs^® Truth in Lending Act Policy and Procedure Guide assists financial institutions in ensuring that credit terms are disclosed in a meaningful way so consumers can compare credit terms more readily and knowledgeably.

The Truth in Lending Act Guide addresses the following topics:

Open-end credit plans (HELOC) provisions, including:

General disclosure requirements
Important Terms Disclosure and Brochure
Limitations on HELOC plans
Change in Terms
Application Fee
Refund of Fees
Disclosure of supplement credit devices
Periodic statements, billing rights, and error resolution
Right of rescission

Closed-end credit plans, including:

General disclosure requirements
Variable rate transactions
Written estimate of terms
Loan Estimate and Closing Disclosure
Assumptions
Escrow administration
Treatment of credit balances
Right of rescission
High-Cost mortgages
Reverse mortgages
Higher-priced mortgage loans
Prohibited acts and practices
Periodic statements
Valuation independence
Ability to repay and qualified mortgages

Additional guide topics:

Operational compliance
Record retention
Exhibits
Best practices

Benefits

The guide features the following benefits:

Supports strong operational practices and preparedness
Explains roles and responsibilities
Explains what to expect and how to work with auditors
Provides practical guidance for managing the audit process from within
Features an audit tracking spreadsheet as an optional tool

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your guide within regulatory requirements.

Publishing: Publish your guide, including your company procedures, in AllRegs Online.

Contact your account manager for information regarding these optional services!