In an amicus brief filed in a Maine court, the CFPB supported a TILA lawsuit, disagreeing with a lender’s argument that the law doesn’t apply. The CFPB found that the lender had violated TILA, and that the borrower was entitled to damages.
The case centers on a borrower who took out a loan to consolidate her debt. The loan had an interest rate that was higher than the rate she had been promised. The borrower sued the lender, alleging that the lender had violated the Truth in Lending Act (TILA). The lender argued that TILA didn’t apply because the loan was not a “consumer credit transaction.”
The CFPB, in its amicus brief, disagreed with the lender. The CFPB argued that the loan was a “consumer credit transaction” and that the lender had violated TILA. The CFPB also argued that the borrower was entitled to damages.
This is a victory for borrowers who are seeking to hold lenders accountable for violating TILA. It’s also a victory for the CFPB, which has been fighting for stronger consumer protections.
You can read this full article at: https://www.housingwire.com/articles/cfpb-files-amicus-brief-in-support-of-maine-mortgage-borrowers-in-tila-lawsuit/(subscription required)
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