Bank erred on Truth in Lending Act disclosures

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted April 4, 2022 12:11 PM

Federal Savings Bank didn’t give Stephanie Suttle any of the disclosure documents specified by the Truth in Lending Act or Regulation Z when it provided a $398,776 loan to buy out her ex-husband’s interest in the residence they used to share.TILA didn’t apply, according to FSB, because it obtained a security interest in the real estate and the statute doesn’t cover “residential mortgage transactions.”These are defined by TILA as mortgages “created or retained against the consumer’s dwelling to finance the acquisition or …

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