They need to sue, as the Ninth Circuit determined, so the court can decide whether recission is merited.

FORBES: Court Decision Gives Lenders A Headache, Borrowers An Ace In The Hole

The smartest course is to fire off a letter demanding recission within three years and keep it on hand in case they get in trouble.

FORBES: Court Decision Gives Lenders A Headache, Borrowers An Ace In The Hole

The Consumer Financial Protection Bureau supported the Scherzers, saying the law only requires borrowers to send notice of recission, with court action later merely a process for determining whether the lender needs to comply.

FORBES: Court Decision Gives Lenders A Headache, Borrowers An Ace In The Hole