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Wednesday, March 28, 2012

CFPB Intends to Participate Actively in Court Cases

The CFPB has stated intentions to play an active role in court cases involving disputes over consumer lending laws, even if the CFPB is not itself named as a party in the case.

Recently the CFBP filed a friend-of-the-court, or amicus, brief arguing that certain borrowers who did not receive Truth in Lending Act disclosures may cancel their loans so long as they notify the lender of their intent to cancel within three years.

The case, Rosenfield v. HSBC Bank, centers on whether borrowers who notify lenders of their intent to rescind must also file a lawsuit against their lenders within three years. The CFPB says they do not.

The CFPB stated it is committed to filing amicus briefs in litigation involving the federal consumer financial protection laws that it oversees as a method for the CFPB to ensure the statutes it oversees are correctly and consistently interpreted by the courts.

Read the CFPB press release.

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