TILA requires creditors to maintain records of compliance with disclosure requirements for how many years?

The Truth in Lending Act (TILA) mandates that creditors maintain records demonstrating compliance with its disclosure requirements for a minimum of two years. This requirement ensures that creditors can provide evidence of adherence to the standards set forth in TILA, which includes the accurate disclosure of terms and costs associated with lending. The two-year period allows for proper oversight and review by regulatory authorities and provides consumers with a timeframe during which they can seek recourse if they believe their rights under the act have been violated. This duration balances the need for accountability in lending practices with the operational realities faced by creditors in managing their records.