Introduction to Regulation Z and the Truth in Lending Act (TILA)
This training is for banking staff on their responsibilities and liabilities under the truth in lending law
There are severe penalties for lenders that do not comply with the truth in lending laws – staff training is a crucial part in ensuring that a lending business maintains compliance in this area.
This short, single-module course gives an overview of the many elements of TILA as they apply to both open-end (eg credit card) and closed-end (eg home lending) loans. TILA covers more than the requirement for lenders to provide clear and consistent loan information that allows consumers to make informed decisions about credit contracts. It also covers repayment procedures, right of rescission, limits on fees, dispute resolution, assessment of a borrower’s capacity to service a loan, record keeping, and more. Contact staff need to be aware of all these issues in order to avoid jeopardizing the business’ compliance with the law.
The training also outlines the penalties and other sanctions that apply in cases of non-compliance.
Who is this training for?
The course is a suitable introduction for all banking staff who deal with borrowers including credit card holders.
The Truth in Lending Act was passed in 1968 to help clear up confusion in the credit and lending markets that left most consumers dazed about exactly what they were signing up for.
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Retail Banking Compliance Training
This course is part of the Retail Banking Compliance Suite
The courses available are
- Introduction to Fair Credit Reporting Act (FCRA)
- Fair Lending
- Introduction to the Office of Foreign Assets Control (OFAC)
- Introduction to Regulation CC and the Expedited Funds Availability Act
- Introduction to Regulation E and the Electronic Funds Transfer Act
- Introduction to Regulation D: Reserve Requirements
- Introduction to Regulation DD and the Truth in Savings Act
For more details, click on the course names above.
- Explain the purpose of Regulation Z and TILA
- Identify the main components and what it covers
- Recognize required disclosures and when they are used
- Promote understanding of the penalties for violations of TILA