Rose v. Bank of Am., N.A.Annotate this Case
Until 2001, the federal Truth in Savings Act (TISA), 12 U.S.C. 4310 et seq., allowed civil damages to be sought for failure to comply with its requirements. The provision authorizing lawsuits was later repealed, however. After Congress's repeal of section 4310, Plaintiffs filed a class action against Bank of America, alleging unlawful and unfair business practices based on violations of TISA disclosure requirements. The trial court sustained the Bank's demurrer, and the court of appeal affirmed, concluding that Congress's repeal of section 4310 reflected its intent to bar any private action to enforce TISA. The Supreme Court reversed, holding that TISA posed no impediment to Plaintiffs' claim of unlawful business practice under California's unfair competition law, where by leaving TISA's savings clause in place, Congress explicitly approved the enforcement of state laws such as the unfair competition law.