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Last Updated January 26, 2010 |
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The U.S. Supreme Court this week invited the U.S. Solicitor General to file a brief "expressing the views of the United States" in a case attacking Chase Bank's use default rates on credit cards. The class action, originally brought in a California federal court, asserts that Chase Bank was required to give credit card holders written notice before hiking their APR after a late payment. Chase reserved the right to increase interest rates for late payments and listed the maximum APR that might be charged. Since no specific penalty APR was spelled out, the federal appellate court for the 9th Circuit ruled that written notice of the new rate was required under the Truth-in-Lending Act (TILA). Chase v. McCoy, No. 09-329.
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