The CFPB has rescinded seven policy statements issued from March 26 through June 3, 2020 that were intended to provide flexibility to financial institutions in meeting certain compliance requirements during the pandemic. (The Bureau’s press release announcing the rescission of the seven policy statements also announced that the Bureau was rescinding its 2018 bulletin on supervisory communications and replacing it with a new bulletin.) … Continue Reading
rescission
Eighth Circuit TILA rescission decision rejects CFPB position
By Martin C. Bryce, Jr. on
Posted in Mortgages, Regulatory and Enforcement
The Eighth Circuit has now joined the Tenth Circuit in ruling that notice alone
within the three-year period is insufficient to validly exercise a right to rescind.
In its decision issued on July 12, 2013 in Keiran v. Home Capital, Inc., the Eighth Circuit rejected the borrowers’ argument that they had validly rescinded their mortgage loan by sending a notice of rescission to the bank within the three-year period. … Continue Reading
Third Circuit TILA rescission decision adopts CFPB position
By Martin C. Bryce, Jr. on
Posted in Mortgages, Regulatory and Enforcement
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 the three-year period.
In its decision issued on February 5 in Sherzer v.… Continue Reading
10th Circuit rescission decision rejects CFPB position
By Alan S. Kaplinsky on
Posted in Mortgages, Regulatory and Enforcement
Another federal appellate court has now weighed in on the question of whether a lawsuit seeking rescission is timely where the consumer provided notice of rescission within three years of closing but did not file suit until after the three-year period had passed.
In its decision issued on June 11 in Rosenfield v.… Continue Reading
Fourth Circuit TILA rescission decision adopts CFPB position
By Martin C. Bryce, Jr. on
Posted in Mortgages, Regulatory and Enforcement
In an opinion issued on May 3, 2012, the U.S. Court of Appeals for the Fourth Circuit has held that a lawsuit seeking rescission is timely where the consumer provided notice of rescission within three years of closing but did not file suit until after the three-year deadline had passed. The Fourth Circuit’s decision in Gilbert v.… Continue Reading
More thoughts on the CFPB’s TILA amicus brief
By Ballard CFS Group on
Posted in Mortgages, Regulatory and Enforcement
As my partner Marty Bryce reported, the CFPB has filed an amicus brief in the Tenth Circuit in a TILA case that presents the question whether a lawsuit seeking rescission is timely where the consumer provided notice of rescission to the lender within three years of closing but did not file suit until after the three-year deadline had passed.… Continue Reading
CFPB files amicus brief in TILA appeal
By Martin C. Bryce, Jr. on
Posted in Mortgages, Regulatory and Enforcement
On March 26, the CFPB filed an amicus brief in an appeal involving the Truth in Lending Act before the Tenth Circuit. The question presented in Rosenfield v HSBC Bank, USA is whether a lawsuit seeking rescission is timely where the consumer provided notice of rescission to the lender within three years of closing but did not file suit until after the three-year deadline had passed. … Continue Reading