COWEN v. BANK UNITED OF TEXAS, FSB

No. 95-1334.

70 F.3d 937 (1995)

Linwood COWEN and Jean Cowen, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. BANK UNITED OF TEXAS, FSB, doing business as Commonwealth United Mortgage, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided November 22, 1995.


Attorney(s) appearing for the Case

Daniel A. Edelman, Cathleen M. Combs, Tara G. Redmond, J. Eric Vander Arend, Michelle A. Weinberg (argued), O. Randolph Bragg, Tara L. Goodwin, Edelman & Combs, Chicago, IL, Charles M. Baird, Miami Beach, FL, for Plaintiffs-Appellants.

Leo J. Asaro (argued), Elizabeth C. Carver, Dan M. Lesicko, Bryan Cave, St. Louis, MO, Daniel Cummings, Elizabeth Porter Staggs, Rothschild, Barry & Myers, Chicago, IL, for Defendant-Appellee.

Before POSNER, Chief Judge, and CUDAHY and MANION, Circuit Judges.


POSNER, Chief Judge.

The Truth in Lending Act requires lenders covered by the Act to disclose to the borrower at the time of making the loan not only the interest rate but also any "finance charge," defined as a charge that is payable directly or indirectly by the borrower and imposed directly or indirectly by the lender as an incident to or condition of the loan. 15 U.S.C. § 1605(a); 12 C.F.R. § 226.4(a). The concern behind this specific requirement is...

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