Who is primarily responsible for enforcing the provisions of the Truth in Savings Act?

The Consumer Financial Protection Bureau (CFPB) is primarily responsible for enforcing the provisions of the Truth in Savings Act. This federal agency was established to protect consumers in the financial sector, ensuring that they receive clear and accurate information regarding financial products and services.

Under the Truth in Savings Act, financial institutions are required to provide specific disclosures about interest rates, fees, and the terms of deposit accounts, allowing consumers to make informed decisions. The CFPB's role entails oversight and enforcement of these regulations, ensuring that institutions comply with the law and that any violations are addressed.

While state regulators and the Federal Reserve have important roles in financial regulation, the CFPB is the principal authority focused specifically on consumer protection laws, including those related to deposit accounts under TISA. Financial institutions must adhere to the guidelines set forth by the CFPB, but their responsibility lies in compliance rather than enforcement.