L-R: Chief Judge Roger L. Gregory, Judge Henry F. Floyd and A. Marvin Quattlebaum Jr. of the U.S. Court of Appeals for the Fourth Circuit. (Courtesy photos) 4th Circuit Revives Consumer Protection TILA Lawsuit Against PNC Bank
"We hold that TILA's offset provision, which prevents creditors from dipping into consumers' deposit accounts in order to offset outstanding payments on their credit card plans, applies to HELOCs," Judge Roger L. Gregory wrote in the majority opinion for the Fourth Circuit, reversing the district court's judgment on that claim.
August 22, 2024 at 10:46 AM
3 minute read
What You Need to Know
- The Fourth Circuit revived a Truth in Lending Act consumer protection lawsuit against PNC Bank in a 2-1 ruling.
- Orrick, Herrington & Sutcliffe partner Fredrick Levin represented PNC Bank.
- The American Bankers Association warned a TILA ruling in favor of the plaintiff could increase the risk of home foreclosures.
A divided U.S. Court of Appeals for the Fourth Circuit has revived a PNC Bank customer's lawsuit accusing the financial services company of violating the Truth in Lending Act's prohibition on offsets.
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