Which federal act regulates consumer credit transactions, including some lease agreements?

The Truth in Lending Act (TILA) is the correct answer because it was established to promote informed use of consumer credit by requiring disclosures about its terms and costs. TILA applies to various consumer credit transactions, which include loans and credit cards but also extend to certain lease agreements when they are considered consumer leases. By requiring clear and comprehensible information about the cost of credit, TILA helps consumers make informed financial decisions.

It is important to recognize that while the other acts mentioned have their own specific applications, TILA specifically addresses the disclosures for leases that constitute consumer credit. The Fair Credit Reporting Act (FCRA) focuses on the accuracy and fairness of credit reporting. The Consumer Leasing Act (CLA) is a subset of TILA that specifically deals with consumer leases, but TILA has broader authority over consumer credit transactions generally. The Equal Credit Opportunity Act (ECOA) aims to eliminate discrimination in credit transactions rather than focusing on the disclosure aspect of such transactions. Therefore, TILA is the fundamental statute regarding the regulation of consumer credit transactions, including some lease agreements.