Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Photo of Consumer Financial Services Law Blog Todd Gale
Senior Counsel
tgale@dykema.com
312-627-2173
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Showing 2 posts by Todd Gale.

United States Supreme Court Resolves Circuit Split on TILA Rescission

On January 13, 2015, the Supreme Court of the United States clarified the scope of a mortgagor’s right of rescission pursuant to the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq.  In Jesinoski v. Countrywide Home Loans, Inc., the Court resolved the issue of whether a borrower must exercise the right of rescission by merely “notifying the creditor” within the three-year time period, or whether the borrower must file a lawsuit within that time in order to rescind.  In a unanimous decision, the Court held that borrowers need only notify the creditor within three years of their intention to rescind rather than file a lawsuit for rescission. Read More ›

Supreme Court to Resolve Circuit Split on TILA Rescission

Both creditors and borrowers anticipate clarification on a persistently divisive issue

Yesterday, the Supreme Court of the United States granted a petition for writ of certiorari in a case, Jesinoski v. Countrywide Home Loans, Inc., which promises to clarify the scope of a mortgagor’s right of rescission pursuant to the Truth in Lending Act (“TILA”), 15 U.S.C. § 1601 et seq.    Read More ›