Pursuant to revisions to Regulation Z, effective July 1, 2010, a creditor cannot use the term “fixed” to describe an annual percentage rate (APR) “unless the creditor also specifies a time period that the rate will be fixed and the rate will not increase during that period, or if no such time period is provided, the rate will not increase while the plan is open.” 12 C.F.R. § 226.5(a)(2)(iii). While this new regulation cannot be applied retroactively in form, the United States Court of Appeals for the Ninth Circuit recently issued a decision (Rubio v. Capital One Bank) that constitutes a retroactive application in effect, despite the court’s express denial of doing same.
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Topics
- Bureau of Consumer Financial Protection
- Class Actions
- Compliance
- Consumer Financial Protection Act
- Consumer Financial Protection Agency
- Consumer Financial Protection Bureau
- Credit CARD Act
- Electronic Funds Transfer Act
- Fair and Accurate Credit Transactions Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Fair Housing Act
- Lending Discrimination
- Mortgage Foreclosures
- Preemption
- Real Estate Settlement Procedures Act
- State Consumer Protection Laws
- Truth in Lending Act
Recent Updates
- CFSL Action Update: March 15, 2012 – April 16, 2012
- CFPB Says Rescission Complete on Notice
- Court Permits Creditor to Charge and Collect Convenience or Expedited Payment Fees
- The Consumer Financial Protection Bureau Proposes Boundaries for its Nonbank Supervision of Debt Collection and Credit Reporting Organizations
- Second Circuit Panel Strikes Arbitration Agreement With Class Action Waiver