Ninth Circuit upholds BofA’s variable credit card interest formula under the CARD Act
By ABA Banking Journal Staff
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Operational Brief
• The Ninth Circuit upheld a lower court's decision dismissing a lawsuit against BofA regarding its variable interest rate formula for credit cards.
• This ruling confirms that the formula complies with the CARD Act.
Why It Matters for Texas Credit Unions
The article does not mention Texas, TCUD, or any Texas-specific entities and is focused on a national credit card interest rate formula dispute.
Who this most likely affects
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The item has some Texas or operational relevance signals, but the site does not yet have enough support to narrow it to one institution profile with confidence.
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In a unanimous decision, a Ninth Circuit panel affirmed a California federal court’s dismissal of a lawsuit alleging BofA’s formula for calculating interest on variable-rate credit cards violated the CARD Act. The post Ninth Circuit upholds BofA’s variable credit card interest formula under the CARD Act appeared first on ABA Banking Journal .