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The Consumer Financial Protection Bureau (CFPB) has stepped into the courtroom, filing an amicus brief that states certain borrowers who did not receive important disclosures mandated by the Truth in Lending Act (TILA) may cancel their loans so long as they notify the lender of their intent to cancel within three years.

The bureau filed its amicus brief in connection with the case of Rosenfield v. HSBC Bank USA, which is currently before the in the U.S. Court of Appeals for the Tenth Circuit in Denver.

"We are committed to making sure that borrowers can exercise their rights to the full extent allowed under this law," says CFPB Director Richard Cordray. "The consumer’s right to cancel gives lenders a powerful incentive to provide the disclosures that consumers need to make good financial choices."




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