What year was the Truth in Lending Act (TILA) passed by Congress?

The Truth in Lending Act (TILA) was passed by Congress in 1968. This legislation was designed to promote informed consumer credit decisions by requiring clear disclosure of key terms of the lending arrangement and all costs associated with borrowing.

The purpose of TILA is to protect consumers from deceptive lending practices and to ensure that they are fully aware of the terms of the credit they are obtaining. By requiring lenders to provide standardized information, TILA helps consumers compare different loan offers more effectively. Understanding the historical context of TILA, including its enactment year, is crucial for grasping the evolution of consumer protection laws and the regulatory framework related to financial transactions.