<P> TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes . With the exception of certain high - cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit . Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop . It also imposes limitations on home equity plans that are subject to the requirements of 12 C.F.R. 1026.40 and certain "higher - priced" mortgage loans (HPMLs) that are subject to the requirements of 12 C.F.R. 1026.35 . The regulation prohibits certain acts or practices in connection with credit secured by a consumer's principal dwelling . </P> <P> The Truth in Lending Act was originally Title I of the Consumer Credit Protection Act, Pub. L. 90--321, 82 Stat. 146, enacted May 29, 1968 . The regulations implementing the statute, which are known as "Regulation Z", are codified at 12 C.F.R. 226 . Most of the specific requirements imposed by TILA are found in Regulation Z, so a reference to the requirements of TILA usually refers to the requirements contained in Regulation Z, as well as the statute itself . </P> <P> From TILA's inception, the authority to implement the statute by issuing regulations was given to the Federal Reserve Board (FRB). However, effective July 21, 2011, TILA's general rule making authority was transferred to the Consumer Financial Protection Bureau (CFPB), whose authority was established pursuant to provisions enacted by the passage of the Dodd--Frank Wall Street Reform and Consumer Protection Act in July 2010 . Any forthcoming regulations implementing the statute, which are also formally referred to as Regulation Z, will be codified at 12 C.F.R. 1026 and attempt to mirror the FRB's Regulation Z whenever feasible . The Federal Reserve will retain some limited rule making authority under TILA for loans made by certain motor vehicle dealers, and for certain other provisions . </P> <P> The TILA introduced the Annual Percentage Rate (APR) calculation mandated for all consumer lenders . Certain misleading interest rate calculations used previously, mainly on auto loans, were barred . For more than a decade, consumer loans were reported by APR in an economically meaningful way . Then in the 1980s the auto manufacturers began to exploit a loophole in TILA and its administration . Neither the Act nor its administrators adequately differentiated between "amount financed" and "finance charges," two terms that appear on the TILA required disclosure statements . By "bundling" the price of the car and its financing charges (which come from the auto maker's captive finance company), auto makers were able to shift money between the two categories, even to eliminating the financing charge entirely . Thus "zero percent APR" financing was born . </P>

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