CFPB Amicus Brief, Roberts v. Unlock Partnership Solutions AOI, Inc. (D.N.J. Jan. 15, 2025)

The CFPB submitted an amicus brief to the U.S. District Court for the District of New Jersey addressing certain issues under the Truth in Lending Act (TILA). The brief explains that: (1)certain TILA provisions pertaining to residential mortgage loans are subject to a three-year statute of limitations and (2) because the financial product offered by the defendant (known as a “home equity contract”) is a residential mortgage loan, the plaintiff may have a timely claim under TILA. The defendant’s home equity contract is a residential mortgage loan because, among other reasons, it satisfies the statutory definition of “credit” and it does not qualify for a regulatory exemption that applies to certain investment products.