DISCLAIMER: The following contains general principles of law that cannot be applied to every case. Some issues covered are subject to developing case law and legislation that cannot be forecast or predicted with certainty. In the event that you encounter issues covered in this alert, you should review the appropriate response with counsel experienced in this area of law and should update the status of any regulation or legislation mentioned.
Date: April 29, 2020
To: All Scheer Law Group Clients and Affiliates
From: Spencer Scheer
Subject: CFPB Relaxes Loan Disclosure and Rescission Rules in Response to C-19.
The COVID -19 (“C-19”) crises has now extended its tentacles into consumer loan origination. The CFPB announced today that it is relaxing the standards applicable providing final loan costs estimates under TRID and for a borrower to waive the TILA right to rescind a consumer loan, to make it easier for consumers to obtain credit, without delay.
The announcement and link to the interpretative advisement can be found at:
Please call or email if you have questions.
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