ARTICLE · 06 OCTOBER 2011

Nutter Bank Report, September 2011

Nutter McClennen & Fish LLP

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The U.S. Bankruptcy Court for the District of Massachusetts ruled that the Massachusetts Predatory Home Loan Practices Act, Chapter 183C of the General Laws of Massachusetts, is preempted by the high cost home loan provisions of the federal Truth in Lending Act ("TILA") for federally chartered depository institutions.

United StatesCorporate/Commercial Law

Kenneth Ehrlich

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Headlines

Massachusetts High Cost Home Loan Law Is Preempted By TILA, Court Rules
FDIC Adopts New Assessment Rate Adjustment Guidelines
Foreclosure-Related Eviction Blocked by Supreme Judicial Court
Department of Labor Reconsidering Proposed Fiduciary Rule
Other Developments: Electronic SARs and OCC Enforcement Policy

1. Massachusetts High Cost Home Loan Law Is Preempted By TILA, Court Rules

The U.S. Bankruptcy Court for the District of Massachusetts ruled that the Massachusetts Predatory Home Loan Practices Act, Chapter 183C of the General Laws of Massachusetts, is preempted by the high cost home loan provisions of the federal Truth in Lending Act ("TILA") for federally chartered depository institutions. The July 27 ruling came in a case brought by Massachusetts residents who had jointly received a home mortgage loan from a national bank. The borrowers claimed that the bank failed to obtain certification that the borrowers had received counseling

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