Consumer Financial Protection Bureau Briefs in TILA Actions

Foreclosure Industry NewsLast week I mentioned that the Consumer Financial Protection Bureau has filed amicus curiae briefs in several cases across the United States. In one case in the Tenth Circuit, the court adopted the CFPB’s position in its ruling. I posted that here.

The CFPB’s argument in all of these briefs is that borrowers who do not receive the material disclosures required by TILA are not required to file suit within the three-year rescission period, essentially saying that the borrower can rescind the transaction as long as they provide notice to the lender of the cancellation within three years of consummation.

The Fourth Circuit’s recent ruling is the opposite of the Ninth Circuit’s recent ruling. The Ninth Circuit held a borrower must actually bring the lawsuit within the three year statute of limitations — giving notice is not sufficient.

This is the brief from the Third Circuit Case:

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Here’s the brief from the Fourth Circuit case:

[issuu width=420 height=272 backgroundColor=%23222222 documentId=120514173803-1d3e1464fc3542b0990481abc60696cf name=cfpb-4th-cir-tila-amicus-4-13-12 username=desertedgelegal unit=px v=2]

From the Eighth Circuit Case:

[issuu width=420 height=272 backgroundColor=%23222222 documentId=120514174313-412ced09c86840b0bb5f1c267dd4cbed name=cfpb-8th-cir-tila-amicus-4-13-12 username=desertedgelegal unit=px v=2]

From the Tenth Circuit case:

[issuu width=420 height=272 backgroundColor=%23222222 documentId=120514175617-86f11be7af52484baa05077db6e68d59 name=201203_cfpb_rosenfield_vs_hsbc_amicus username=desertedgelegal tag=resicssion unit=px v=2]

Christine@DesertEdgeLegal.com

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