[3] 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.

[4] The Federal Reserve retained some limited rule making authority under TILA for loans made by certain motor vehicle dealers, and for certain other provisions.

The TILA introduced the Annual Percentage Rate (APR) calculation mandated for all consumer lenders.

It contains rules on disclosures, treatment of credit balances, annual percentage rate calculations, right of rescission, non requirements, and advertising.

[5] Several appendices contain information such as the procedures for determinations about state laws, state exemptions and issuance of staff interpretations, special rules for certain kinds of credit plans, a list of enforcement agencies, model disclosures that, if used properly, will ensure compliance with the Act, and the rules for computing annual percentage rates in closed-end credit transactions and total annual loan cost rates for reverse mortgage transactions.

Each borrower and any person who has a vested interest in the property may exercise the right to rescind until midnight of the third business day following consummation, or delivery of all material disclosures, whichever occurs last.

If the required rescission notice or material TILA disclosures are inaccurate or not delivered, the borrowers right to rescind may be extended from three days after consummation to up to three years.

Until the rescission period has ended, the bank may not 1) disperse funds other than to a valid escrow account, 2) perform any services, or 3) deliver any materials.