I cannot emphasize enough the importance of the Supreme Court’s decision in Jesinoski. The financial industry had used the courts to rewrite the Truth in Lending Act (TILA) for over two decades. Lenders did not feel they had any duty to respond to a rescission notice and lenders routinely ignored the rescission notices. In fact, they did not feel they had a duty to follow any of the provisions of TILA.
But this was not TILA’s intention. TILA was created as a consumer protection statute. It was designed to level the playing field and allow consumers to be private attorney generals. That put the consumer in the driver’s seat. No wonder lenders successfully emasculated the statute for over two decades.
The Supreme Court put the teeth back in TILA and it’s scaring lenders because lenders do not like being accountable for their misdeeds. Suck it up lenders and learn…
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