I just read through the "STATS" section of the February 2005 Bankers' Hotline. In that section they said "All financial institutions must now be in compliance with the FACT Act or face an $11,000 fine per violation." They cited Reg Fact.

Is this a typo? I thought the fine per violation was $1,000? When I searched the FACT Act I couldn't find a reference to $11,000 only to the $1,000.....

Thanks for the email about $11,000. I've gone back to my source for the stat and the article I gleaned this fact from does indeed say $11,000. However, like you and the good experts at ABA who helped me look, I find no reference to it in the Fact Act itself. I'm going back to the writer of the article to see where he might have gotten this information. Sharp eye - Thanks!.....bh