Penalties harsher for the credit card companies?

Makes the penalties harsher for the credit card companies when they don't follow the fine print in the Truth in Lending Act. We are still waiting for the settlement from the foreign transaction class action, so if there are greater penalties imposed hopefully the government can get the money back faster than the lawyers have so far.


(Sec. 107) Revises civil penalties for creditor noncompliance with TILA. Includes in such penalties twice the amount of any finance charge in connection with a transaction, between $500 and $5,000 (or a higher amount in the case of an established pattern or practice of noncompliance), in the case of an individual action relating to an open end consumer credit plan that is not secured by real property or a dwelling.