The Truth in Lending Act (TILA) requires lenders to provide consumers with loan cost information so that they can make informed decisions and comparison shop for certain types of loans. This is to protect consumers against inaccurate and unfair credit billing and credit card practices. The TILA disclosures, also known as "Schumer Boxes," are the boxed areas of bold lettering that contain important loan terms and information. The inclusion of these disclosures in credit applications is a result of the Fair Credit and Charge Card Disclosure Act of 1988, which was passed with the assistance of Chuck Schumer. Before this act, consumers were often deceived by lenders who hid important terms and conditions in fine print. The TILA disclosures include information such as the number of payments, the monthly payment amount, late fees, whether there are penalties for prepaying the loan, and other important terms. By law, financial institutions must provide these disclosures to consumers before they obtain the product or loan, and they must also be included on monthly statements. There are two main variations of TILA boxes: "revolving account" TILA boxes, which are used for credit cards and other revolving credit accounts, and "installment account" TILA boxes, which are used for loans with a fixed repayment schedule. These disclosures help consumers understand the costs and terms associated with their credit obligations, allowing them to make informed financial decisions.