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Schnall v. Amboy National Bank

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The U.S. Court of Appeals for the 3rd Circuit held that TISA/APY violations resulted from the way a financial institution disclosed a rate that was only applicable for a portion of the year. The Court ruled the rate in question should have been advertised as a single composite rate based on a one-year term, calculated by applying the reduced introductory rate for the period of time it was applicable and then applying the variable rate for the remaining portion of the year.

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