In case mortgage lenders and financial institutions needed reminding, the Consumer Financial Protection Bureau has issued an update on what its examiners will be looking for under new mortgage rules.
A ban on mandatory arbitration clauses in some mortgage loans took effect June 1 as part of new rules created by the Consumer Financial Protection Bureau.
Home borrowers were not required to formally file suit before the Truth in Lending Act’s three-year limitation period expired in order to preserve their right of rescission, the 3rd U.S. Circuit Court of Appeals has ruled.
A “handling fee” charged by a bank in connection with tax refund checks constituted an undisclosed finance charge that violated the federal Truth In Lending Act, the California Court of Appeal has ruled in affirming a $1.3 million judgment.
Published: August 3, 2012
Tags: Bankruptcy Code, CFPB, Consumer Financial Protection Bureau, Department of Education, Dodd-Frank Wall Street Reform and Consumer Protection Act, federal loans, student loan debt, student loans, TILA, Truth in Lending Act
A new federal study recommends changes in consumer protection and bankruptcy law to provide relief for those Americans saddled with a share of the country’s $1 trillion in student loan debt, largely blaming private lenders for the problem.
Home borrowers were not required to plead that they had the ability to repay their loan in order to invoke their rescission rights under the federal Truth in Lending Act, the 10th Circuit has ruled in reversing a dismissal.
A home borrower failed to preserve her right to rescind her loan because she failed to provide notice and file suit within the Truth in Lending Act’s three-year limitations period, the 10th Circuit has ruled in affirming a dismissal.
Home borrowers preserved their rescission rights under the Truth in Lending Act when they provided their lender with written notice within three years of closing their loan, the 4th Circuit has ruled in reversing a dismissal.
The Truth in Lending Act’s statute of repose extinguished a borrower’s right to rescission three years after the consummation of her loan – regardless of whether she provided notice of her rescission within that period, the 9th Circuit has ruled in affirming a dismissal.
Home borrowers may have been entitled to a three-year period to rescind their loan based on the lender’s failure to properly “deliver” the notice of rescission rights required under federal law, the 9th Circuit has ruled in reversing a dismissal.