Bank has a variable rate credit card based on prime plus a margin. Bank raised the "margin" in 2011 and provided the 45 day advance notice of the increase in the "margin" to all affected credit card holders.
Last edited by Kay; 04/17/12 02:22 PM.
Can someone verify that the Bank is obligated to comply with 12 CFR 1026.59 Reevaluation of Rate Increases and thereby is required to conduct a review every six months of the "factors" used to determine the margin increase?
The raise in the margin was for the credit card portfolio and not just certain credit card accounts.
I would greatly appreciate a response to my question.