Monthly Archives: January 2015

Supreme Court Provides TILA Home Loan Rescission Guidance

In a unanimous opinion last week, the Supreme Court of the United States explained that a home loan borrower exercising her right to rescind under the Truth in Lending Act (“TILA”) need only provide written notice to his lender within the three-year period, not file suit within that period. Jesinoski v. Countrywide Home Loans, Inc., No. […]

CFPB Releases New Mortgage Loan Study and Initiative

Last week, the Consumer Financial Protection Bureau (“CFPB”) released a new set of resources and tools designed to assist borrowers with the mortgage shopping process. Additionally, the CFPB issued a study that made several significant findings: Half of consumers who take out a mortgage fail to shop prior to applying; that is, they seriously consider […]

Compliance Officer Assessed $1 Million Civil Penalty for Failing to Respond to Consumer Complaints

Last month, the Financial Crimes Enforcement Network (“FinCEN”) issued a $1 million civil money penalty against Thomas Haider, the former Chief Compliance Officer for MoneyGram International (“MoneyGram”).  FinCEN is a bureau of the U.S. Department of the Treasury that regulates financial crimes.  This penalty is notable because it assessed individual liability and was issued in […]