Introduction to Consumer Credit Law and the Truth in Lending Act (TILA)

Lesson 1.1: Overview of Consumer Credit Law

History and development of consumer credit law

Importance of consumer protection in credit transactions

Lesson 1.2: Introduction to the Truth in Lending Act (TILA)

Origins of TILA

Key objectives and why it was enacted

Relationship between TILA and Regulation Z

Lesson 1.3: Scope and Coverage of Regulation Z

What transactions fall under Regulation Z

Exemptions and limitations

Key Disclosures under Regulation Z

Lesson 2.1: Required Disclosures for Open-End Credit (e.g., Credit Cards)

Key terms that must be disclosed

APR, finance charges, and other costs

The Schumer Box: Standardized format for credit card terms

Lesson 2.2: Required Disclosures for Closed-End Credit (e.g., Mortgages and Auto Loans)

Loan terms, finance charges, total cost of credit

Breakdown of APR and the significance for borrowers

Lesson 2.3: Understanding the Right to Rescind

When and how borrowers can rescind credit transactions

Procedures for exercising the right to rescind

Regulation Z and Mortgage Lending

Lesson 3.1: Regulation Z’s Role in Home Mortgages

Disclosure requirements for mortgage loans

Types of mortgages (fixed-rate, adjustable-rate, etc.)

Special disclosures for adjustable-rate mortgages (ARMs)

Lesson 3.2: Ability-to-Repay and Qualified Mortgage (QM) Rules

Lender responsibilities in assessing borrower’s ability to repay

Definition and criteria for a Qualified Mortgage

Impact of these rules on lending practices

Lesson 3.3: High-Cost Mortgage Loans and HOEPA Protections

What qualifies as a high-cost mortgage

Home Ownership and Equity Protection Act (HOEPA) overview

Special protections and prohibitions for high-cost loans

Regulation Z and Credit Card Protections

Lesson 4.1: Billing Practices and Statement Requirements

Timing of billing statements

Grace periods and payment due dates

Lesson 4.2: Rate Increases and Penalty Fees

Limits on interest rate increases

Rules for penalty fees and over-limit fees

Lesson 4.3: Protections Against Unfair or Deceptive Practices

Prohibited practices such as retroactive rate increases

Credit cardholder rights

Advertising and Marketing Compliance under Regulation Z

Lesson 5.1: Advertising Rules for Consumer Credit

What must be included in credit-related advertisements

Clear and conspicuous disclosures

Trigger terms and how they affect advertising

Lesson 5.2: Avoiding Misleading or Deceptive Advertising

Common pitfalls in credit advertising

Real-world examples of misleading credit ads

Enforcement, Penalties, and Compliance for Lenders

Lesson 6.1: CFPB’s Role in Enforcing Regulation Z

The role of the Consumer Financial Protection Bureau (CFPB)

How lenders are audited for compliance

Lesson 6.2: Penalties for Violating Regulation Z

Civil liability and damages

Criminal penalties in extreme cases

Lesson 6.3: Lender Compliance Programs

Best practices for ensuring compliance

Monitoring, reporting, and training for lenders

Case Studies and Practical Applications

Lesson 7.1: Case Studies in Mortgage Lending Compliance

Real-world examples of Regulation Z in mortgage lending

Lessons learned from non-compliance

Lesson 7.2: Case Studies in Credit Card Regulations

Impact of Regulation Z on credit card companies and consumers

Litigation and enforcement actions

Lesson 7.3: Applying Regulation Z in Practice

Simulated credit transactions and how Regulation Z applies

Review of sample loan disclosures and credit agreements

Current Issues and Future Developments in Regulation Z

Lesson 8.1: Recent Amendments and Updates to Regulation Z

Key changes to Regulation Z in recent years

New requirements and protections

Lesson 8.2: The Future of Consumer Credit Regulation

Potential future changes to Regulation Z

Emerging issues in consumer credit markets