The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more
On January 13, 2015, the U.S. Supreme Court settled a circuit court split regarding how and when a mortgage borrower may exercise the right of rescission under the Truth-in-Lending-Act (“TILA”) and the CFPB’s implementing...more
In a unanimous decision issued on January 13, the Supreme Court held that a borrower exercises its right to rescind under Section 1635 of the Truth In Lending Act (TILA), simply by notifying its creditor of its intent to...more
The Truth-in-Lending Act (“Act”) was adopted in 1969. It has spawned dozens of lawsuits and hundreds of administrative rules and interpretations. Recently, the United States Supreme Court had an opportunity to address the...more
Why it matters - In a victory for consumers, the U.S. Supreme Court unanimously ruled that the Truth in Lending Act (TILA) does not require borrowers to file suit to rescind a mortgage loan transaction within the...more
Action Item: In light of the United States Supreme Court’s decision in Jesinoski, lenders should be aware that written notice provided by the borrower, within three years of the loan consummation, is sufficient to exercise...more
The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more
Background of Notice versus Lawsuit Issue - The Truth in Lending Act (“TILA”), as implemented by Regulation Z, provides borrowers with a powerful tool: the right to rescind certain mortgage loan transactions. This...more
In Jesinoski v. Countrywide Home Loans, et al. (No. 13-684), the U.S. Supreme Court has eased the process by which a borrower may seek to walk away from his home mortgages, holding that the borrower, in order to avail himself...more