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 policy 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!
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Truth in Lending Act
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