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Loans Truth in Lending Act (TILA) Rescission

Akerman LLP

Regulation Z, COVID-19, and Bona Fide Personal Financial Emergency Waivers

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On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying Regulation Z's bona fide personal financial emergency provisions in the context of the COVID-19 pandemic. The CFPB...more

Butler Snow LLP

Sixth Circuit Nixes TILA Rescission Claim

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Two homeowners tried to rescind their home mortgage loan when they weren’t notified that the deed of trust had been assigned. Although this argument may have been a creative way to stave off a foreclosure, it was not...more

Goodwin

Eighth Circuit Reaffirms that Notice Alone is Insufficient to Effectuate TILA Rescission

Goodwin on

The United States Court of Appeals for the Eighth Circuit affirmed a lower court’s opinion rejecting plaintiffs’ attempt to rescind a loan agreement after the loan had already been foreclosed, ruling that the foreclosure...more

Ballard Spahr LLP

Third Circuit TILA rescission decision adopts CFPB position

Ballard Spahr LLP on

The Third Circuit has now joined the Fourth Circuit in ruling that a lawsuit seeking rescission filed more than there years after loan consummation is timely as long as the borrower sent a written notice of rescission within...more

Ballard Spahr LLP

Borrower Can Sue After Three Years to Rescind Mortgage Loan, 3rd Circuit Rules

Ballard Spahr LLP on

A borrower can bring a lawsuit seeking rescission more than three years after loan consummation as long as the borrower has sent a written notice of rescission within the three-year period, the U.S. Court of Appeals for the...more

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