In a decision dated June 2008, released January 15, 2009, the Financial Consumer Agency of Canada applied a $50,000 administrative monetary penalty to a bank as a result of the bank’s credit card interest rate disclosure practices. This penalty is notable because it was applied despite the FCAC Commissioner’s finding that there was no evidence of overcharging interest costs.

type Financial Services Client Update - February 2009 - Bank Charged $50,000 for Credit Card Interest Rate Disclosure Despite Finding of "No Harm"