The issue of whether a home equity line of credit (HELOC) that can be accessed using a credit card is a “credit card plan” subject to the Truth in Lending Act’s setoff prohibition is currently before the U.S. Court of Appeals for the Fourth Circuit.  The American Bankers Association recently filed an amicus brief in the case in support of the appellee bank’s position that the prohibition does not apply to HELOCs. … Continue Reading

As we previously reported, in October 2015, the CFPB adopted significant revisions to Regulation C, the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018.  As a result of the revisions, the reporting of home equity lines of credit (HELOCs) under HMDA, which is currently  voluntary, will become mandatory for both depository institutions and non-depository institutions that originated at least 100 HELOCs in each of the two preceding calendar years.… Continue Reading