Archive for TILA – Page 2

6th Cir. Confirms No TILA Right to Cancel for Failure to Disclose Assignment of Loan

The U.S. Court of Appeal for the Sixth Circuit recently confirmed that a mortgagee’s alleged failure to notify borrowers of an assignment of the loan does not give rise to a right to cancel under the federal Truth In Lending Act (TILA). A copy of the opinion in Robertson v. US Bank, NA is available at:

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5th Cir. Holds Tax Buyers Not Subject to TILA

The U.S. Court of Appeals for the Fifth Circuit recently held that a transfer of a tax lien to a tax buyer under Texas law does not constitute an extension of credit that is subject to the federal Truth in Lending Act (TILA). A copy of the opinion in Billings v. Propel Financial Services, LLC is

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How Spokeo May Limit Consumer Financial Services Litigation

Yesterday’s decision from the U.S. Supreme Court in Spokeo v. Robins should bolster the defense of companies subject to several federal consumer protection statutes. The ruling addresses lawsuits that claim an injury created solely by the violation of a federal statute and require the plaintiff to demonstrate not only that the statute was violated, but

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2nd Cir. Holds ‘Habit and Routine Practice’ Evidence Proper in TILA, Common Law Fraud Action

The U.S. Court of Appeals for the Second Circuit recently affirmed a district court’s denial of a borrower’s post-verdict motions following the trial of federal Truth in Lending Act and common law fraud allegations. In so ruling, the Second Circuit held that: (1) the trial court properly admitted “habit and routine practice” evidence, over the

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11th Cir. Refuses to Hold Assignee Liable Under TILA for Failing to Provide Payoff Statement

The U.S. Court of Appeals for the Eleventh Circuit recently upheld the dismissal of federal Truth in Lending Act (TILA) allegations that sought to hold the assignee of a mortgage loan liable for the mortgage loan servicer’s supposed failure to comply with the borrower’s written request for a payoff statement. In so ruling, the Court

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Could Spokeo Mean Rough Road Ahead for FCRA, TCPA, FDCPA Plaintiffs?

Yesterday’s oral argument before the U.S. Supreme Court in Spokeo v. Robins suggests a struggle to fashion an understanding of what can constitute an “injury in fact.” It pitted the issue of whether a plaintiff’s standing to sue requires a tangible, concrete injury (loss of money, a job or property right) against the concept that the law can

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8th Cir. Holds TILA’s ‘$35 Tolerance’ Right to Cancel in Foreclosures Must Be Exercised After Foreclosure Initiated

The U.S. Court of Appeals for the Eighth Circuit recently rejected an attempt to rescind a mortgage loan and recover damages under the federal Truth in Lending Act (TILA), affirming the district court’s grant of summary judgment in favor of the mortgagee because the borrowers only tried to cancel their mortgage loan before foreclosure proceedings

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CFPB Issues Final Rule Delaying TRID Effective Date to Oct. 3, 2015

The Consumer Financial Protection Bureau has issued its final rule confirming the delay of the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule to Oct. 3, 2015. A copy of the final rule is available at:  Link to Final Rule. The final rule also makes certain technical corrections, including: Amending 12 CFR § 1026.38(i)(8)(ii)

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CFPB to Issue Proposed Amendment Delaying TRID Effective Date to Oct. 1, 2015

The federal Consumer Financial Protection Bureau issued a brief press release yesterday, confirming reports that it would be issuing a proposed amendment to delay the effective date for the “Know Before You Owe” TILA-RESPA Integrated Disclosure (TRID) rule until Oct. 1, 2015. A copy of the press release is available at:  Press Release. The press release simply

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U.S. Supreme Court to Take Up Whether Complete Relief to Class Litigant Moots Class Claims

Statutory damage claims, like those under the TCPA and the FCRA, will be scrutinized in the next session of the U.S. Supreme Court and its decisions could have broad implications for the financial services industry. Today we look at one of the cases the court will consider, Gomez v. Campbell-Ewald Co. The case considers whether an

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