We use Rembrandt for our loan documents. I just received some documentation concerning the new release(7.1.1) that we will install very soon. There is a warning in this documentation states in part, "use of the Actual/360 accrual method has been claimed to be an Unfair and Deceptive Trade Practice. Due to the unstable legal environment surrounding the use of the Actual/360 accrual method, we recommend that you do not use this accrual method generally."

I understand why it could be considered Unfair and Deceptive but I've not read about it any place else. This is going to generate some discussion here. Can some one point me to more material I can use to learn more and hold up my end of the discussion?

We received the same info from Rembrandt and I too had not heard of any such ruling. Does this opinion apply just to consumers or to our commercial customers as well?

Doesn't Bankers Systems sell Rembrandt? Ask them -- I believe they have a toll-free number for software support, and a number of attorneys, so they should be able to give you (or obtain) the information you are looking for.

Our bank uses this method for commercial non amortized LIBOR products. I thought that was a common practice....