Category: TILA Litigation

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Fed Proposes Major TILA Changes for Mortgages and Home Equity Lines

The Federal Reserve Board on Thursday proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit (HELOCs). These changes, offered for public comment, reflect the result of consumer testing conducted as part of the Board’s comprehensive review of the … Continue Reading

JPMorgan Chase Sued for Canceling HELOC Accounts

 A June 18, 2009 class action lawsuit filed against Washington Mutual Bank (“WAMU”) and its new parent, JPMorgan Chase (“Chase”), alleges that the banks violated the Truth-in-Lending Act by reducing or suspending millions of dollars of Home Equity Lines of Credit (HELOC) accounts by falsely claiming that customers’ incomes had been reduced.   A similar class action filed a … Continue Reading

More TILA Litigation on the Horizon? Deadline to Comply with New Reg Z Early Disclosure Rules Now July 30

The Federal Reserve’s December 2008 revisions to Regulation Z (Truth in Lending Act) closed-end mortgage early disclosure requirements were to take effect October 1, 2009.  However, these changes were superseded by the enactment of the Mortgage Disclosure Improvement Act of 2008 (MDIA). As a result, the Federal Reserve has revised Regulation Z to incorporate the … Continue Reading