Description
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Discuss the Truth in Lending Act and what role it places in financial and regulatory reports requirements in regards to funds acquisition strategies. What are various important terms which must be disclosed and their meaning?
Explanation & Answer
Attached.
Financial Regulations – Outline
Thesis statement: The disclosure requirement of the terms and costs of acquiring a loan is
emphasized because it creates a standardized approach to the calculations of the associated costs
and disclosure requirements
Financial Regulations
A. Truth in Lending Act
B. Important Terms and Definitions
C. TILA and Financial and Regulatory Reports Requirements
Running head: FINANCIAL REGULATIONS
Financial Regulations
Name
Institution
1
FINANCIAL REGULATIONS
2
Financial Regulations
Truth in Lending Act
The Truth and Lending Act (TILA) of 1968 was established to regulate dealings between
borrowers, lenders, and creditors. The Federal government enacted the Truth in Lending Act
with a sole purpose of protecting the consumer from unfair bank practices while offering credit
facilities to them. The primary objective of the Federal Law was to ensure that consumers made
informed decisions by requiring the lenders to make disclosures about the credit terms and costs
(Bureau of Consumer Financial Protection, 2012). The disclosure requirement of the terms and
costs of acquiring a loan is emphasized because it creates a standardized approach to the
calculations of the associated costs and disclosure requirements. The TILA legislation covers
both close-end credit and open-end credit. A closed-end loan is also known as installment loans
whereas the ope...
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