The CFPB has rescinded seven policy statements issued from March 26 through June 3, 2020 that were intended to provide flexibility to financial institutions in meeting certain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

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12, 2013 in Keiran v. Home Capital, Inc., the Eighth Circuit rejected the borrowers’ argument that they had validly rescinded their mortgage loan by sending a notice of rescission to the bank within the three-year period.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

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

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