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First Acadiana Bank v. Federal Deposit Insurance Corp.

833 F.2d 548 (1987)

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First Acadiana Bank v. Federal Deposit Insurance Corp.

United States Court of Appeals for the Fifth Circuit
833 F.2d 548 (1987)

  • Written by Heather Whittemore, JD

Facts

First Acadiana Bank (the bank) (defendant) required all borrowers receiving a car loan through the bank to employ an attorney to prepare a chattel mortgage on the car. The bank regularly recommended two specific attorneys who were associated with and paid by the bank. If a borrower used one of the attorneys recommended by the bank, the bank included their legal fees in the amount financed by the bank. Regardless of whether the borrower used an attorney recommended by the bank or an independent attorney, the bank did not include the legal fees for the chattel mortgages in the finance charge it disclosed to the borrower as required by the Truth in Lending Act. The Federal Deposit Insurance Corporation (FDIC) (plaintiff) found that the bank had violated the Truth in Lending Act by failing to include the legal fees in the finance charge, and it ordered the bank to reimburse affected consumers. The bank appealed.

Rule of Law

Issue

Holding and Reasoning (Higginbotham, J.)

Concurrence (Williams, J.)

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