LexisNexis® Legal Newsroom
U.S. Supreme Court Hears Credit Card APR Increase Class Action Arguments

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Dec. 8 heard oral arguments in a consumer class action lawsuit seeking determination whether Regulation Z of the Truth in Lending Act (TILA) requires creditors to give notice before raising annual percentage rates (APR) and to disclose the new...

High Court: No Prior Notice Required Before Credit Card Rates Were Raised

WASHINGTON, D.C. -- (Mealey's) The U.S. Supreme Court on Jan. 24 unanimously ruled that a credit card holder was not entitled to prior notice before his card issuer raised his annual percentage rate (APR) because it was not required to give notice under federal law ( Chase Bank USA, N.A. v....

Don’t Lose Your Rescission Rights under the Truth in Lending Act: District Court Holds that Timely Notice of Mortgage’s Rescission Does Not Toll the Time to Legally Enforce Rights

Recently, a Colorado district court held that the timely filing of a 15 U.S.C. § 1635 notice of rescission will not toll the time limit for a mortgagee to sue on his rescission rights. In Barry v. Countrywide Home Loans , F.S.B. , 2011 U.S. Dist. LEXIS 12519 (D. Colo. Feb. 8, 2011) [ enhanced...

Troutman Sanders LLP: CFPB Announces Third Round of Public Comments for Mortgage Disclosure Forms

By David N. Anthony . John C. Lynch . Ashley L. Taylor, Jr. and Jarrod F. Loadholt In what has become one of the CFPB's signature regulatory initiatives - "Know Before You Owe" - the CFPB announced on July 28, 2011, that it would be conducting its third round of public commenting...

BuckleySandler LLP: Eleventh Circuit Refuses Equitable Tolling for TILA Violation

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/infobytes-october-28-2011 The U.S. Court of Appeals for the Eleventh Circuit upheld...

Vetstein Law Group: Real Estate Industry Braces For Another Overhaul Of HUD-1 Settlement Statement And Truth-In-Lending (TIL) Disclosures

By Richard D. Vetstein, ESQ Final product will be a combination of both the final Truth in Lending (TIL) form and the HUD-1 Settlement Statement - a dramatic change from the existing forms. For the second time in as many years, the federal government is substantially overhauling two of the most...

Ballard Spahr LLP: CFPB Confirms Mortgage Loan Originators May Participate in Qualified 401(k) Plans

The Consumer Financial Protection Bureau has confirmed that Regulation Z (which implements the Truth in Lending Act) does not prohibit mortgage loan originators from participating in qualified profit-sharing 401(k) or employee stock ownership plans (Qualified Plans). Issued on April 2, 2012, Bulletin...

Ballard Spahr LLP: CFPB Confirms Mortgage Loan Originators May Participate in Qualified 401(k) Plans

By members of the Consumer Financial Services Group The Consumer Financial Protection Bureau has confirmed that Regulation Z (which implements the Truth in Lending Act) does not prohibit mortgage loan originators from participating in qualified profit-sharing 401(k) or employee stock ownership plans...

BuckleySandler LLP: CFPB Files Amicus in TILA Rescission Case

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/infobytes-March-30-2012 On March 27, the CFPB announced that it recently filed...

Chase Bank Agrees To Pay $100 Million To Settle Interest Rate Increase Claims

SAN FRANCISCO - (Mealey's) Chase Bank USA NA on July 23 agreed to pay $100 million to settle claims that it increased interest rates on loan balances that were transferred to consumers' credit cards after it allegedly promised them a fixed rate, according to a settlement document the plaintiffs...

BuckleySandler LLP: Lender Settles TILA, UDAP Claims Over HELOC Reductions

Excerpted from BuckleySandler LLP's InfoBytes Blog, which monitors and reports on news, legal developments and legislative actions affecting the financial services industry. For more Infobytes , click here: http://www.infobytesblog.com/ . On August 31, a lender preliminarily settled with a class...

Williams Mullen: Proposed Rules Published on Dodd-Frank Requirements for Appraisals for Higher-Risk Mortgage Loans

BY: EDMUND D. HARLLEE On Wednesday, September 5, 2012, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration, Bureau of Consumer Financial Protection (the "Bureau") and Federal Housing Finance Agency (collectively...

Ballard Spahr Legal Alert: Uncertainty Remains Under CFPB's Proposed Changes to Prohibition on Financing Credit Insurance Premiums

The CFPB has proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) [ enhanced version available to lexis.com subscribers ], as part of several new proposed amendments to the mortgage rules it adopted in January 2013. The prohibition was one of the...

Borrower Must File Suit before Foreclosure To Exercise Rescission Rights, Eighth Circuit Holds

By the Ballard Spahr LLP Mortgage Banking Group The Eighth Circuit recently held that a borrower must file suit before foreclosure to exercise rescission rights under TILA. The court now joins the Ninth and Tenth Circuits in holding that notice alone is not sufficient. In Hartman v. Smith, [ enhanced...

CFPB Issues RESPA-TILA Integrated Disclosures Final Rule

BY: ALAN B. CLARK AND EDMUND D. HARLLEE The Consumer Financial Protection Bureau (the “CFPB”) has issued the RESPA-TILA Integrated Disclosures Final Rule . The 1,888 page rule [ enhanced version available to lexis.com subscribers ], will become effective for applications taken on or...

FTC Continues Crackdown in Auto Dealer Lease Financing Advertising

by Alan Wingfield and Paige Fitzgerald The Federal Trade Commission (FTC) continued “ Operation Steer Clear ” – a crackdown on deceptive advertising by automobile dealers – with a tenth settlement with a dealer accused of misrepresenting the terms of available consumer leases...

High Court Denies Petition to Review Ruling Finding Disclosures Satisfied TILA

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on March 31 denied a borrower’s petition for a writ of certiorari that sought review of a Third Circuit U.S. Court of Appeals’ ruling affirming the dismissal of his lawsuit claiming that his mortgage lender failed to provide...

Supreme Court Will Determine What Exercises Right to Rescind Under TILA

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court today granted a petition brought by a couple seeking a determination whether a letter or lawsuit is necessary to properly exercise the right to rescind under the Truth in Lending Act (TILA) ( Larry D. Jesinoski, et al. v. Countrywide Home...

CFPB Issues Proposed Amendments to Mortgage Rules under Regulation Z

by Alexandria Reyes and David Anthony The Consumer Financial Protection Bureau has issued a rule containing proposed amendments to its mortgage rules under the Truth in Lending Act (Regulation Z). The proposed rule was published in the Federal Register on May 6, 2014. The proposal includes amendments...

Supreme Court Hears Arguments on Whether TILA Action Is Time-Barred

WASHINGTON, D.C. — (Mealey’s) Countrywide Home Loans Inc. and property owners today argued before the U.S. Supreme Court as to whether a lawsuit filed by the owners in relation to their right to rescind under the Truth in Lending Act (TILA) was time-barred ( Larry D. Jesinoski, et al. v....

Supreme Court Skeptical of Lender’s Interpretation of TILA Rescission Statute

by S. Mohsin Reza and John C. Lynch Last week, the U.S. Supreme Court heard argument in an appeal from the U.S. Court of Appeals for the Eighth Circuit that involves an interpretation of a provision under the Truth-in-Lending Act that has caused a split among the lower courts. The Supreme Court has...

Supreme Court Finds Home Owners Had Right to Rescind Under Truth in Lending Act

WASHINGTON, D.C. — (Mealey’s) After finding that property owners gave written notice of their right to rescind under the Truth in Lending Act (TILA) within three years of their loan being consummated, the U.S. Supreme Court today reversed a trial court’s ruling granting judgment in...

Supreme Court Clarifies Borrowers’ Right to Rescind Under Truth in Lending Act

by William H. Hurd , S. Mohsin Reza and John C. Lynch In a major, unanimous decision on the Truth in Lending Act (TILA), the Supreme Court resolved a circuit split and clarified borrowers’ rescission rights under TILA, potentially making rescission of a loan transaction easier for borrowers...

Supreme Court Grants Cert in Truth in Lending Act Rescission Actions, Remands Cases

WASHINGTON, D.C. — (Mealey’s) In light of the recent ruling in Larry D. Jesinoski, et al. v. Countrywide Home Loans Inc., et al. (No. 13-684, U.S. Sup.) [lexis.com subscribers may access Supreme Court briefs and an enhanced opinion for this case], the U.S. Supreme Court today granted petitions...

FTC Announces Settlement of First Actions Against Auto Title Lenders

The Federal Trade Commission recently announced that it has entered into proposed settlements with two auto title lenders that were charged with deceptive advertising in violation of Section 5 of the FTC Act and the Truth in Lending Act. According to the FTC’s press release , the cases represent...