Lawsuits under the federal Truth in Lending (TILA) Act are commonly filed as putative class actions. An interesting report from the Transaction Records Access Clearinghouse (TRAC) reports that TILA litigation in federal courts has decreased 89 percent in the last four years. In particular, in May 2013, only 16 new TILA actions were filed in federal court. By contrast, four years ago, in May 2009, 152 TILA actions were filed.
Here is a graph from TRAC’s report, which shows that the rate of TILA filings today is below 2008 levels:
Click here to view graph.