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AFSA, in a letter to the Federal Reserve, requested a disclosure be recommended whenever data on loan pricing is acquired from the Fed's database. The disclosure would read: "This information was gathered from a database that does not include several factors that are integral in determining the price of a loan."
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In a case that questioned whether a $29 over-limit fee on a $2,000 credit card account should be part of a "finance charge" under the Truth-in-Lending Act (TILA), the US Supreme Court overturned a lower court ruling. The US Supreme Court held that over-limit fees are a penalty for violating the extension of credit, and therefore does not violate TILA.
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