4th Circle Says PNC Bank can’t force home loan arbitration
Posted onAuthorJeffrey M. SandersComments Off on 4th Circle Says PNC Bank can’t force home loan arbitration
By Sarah Jarvis (February 15, 2022, 8:59 PM EST) – The Fourth Circuit said in a published notice Tuesday that banks cannot bind mortgage consumers to arbitration agreements due to a provision of the Dodd-Frank Act amending the federal Truth in Lending Act, with one judge partially dissenting on jurisdiction.
Chief Justice Roger L. Gregory—writing the majority opinion of the panel, in which he was joined by Justice Henry F. Floyd—said that section 1639c(e)(3) of the Dodd-Frank Act makes it clear that consumers cannot be prevented from bringing TILA actions in federal district court because of agreements related to residential mortgages.
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