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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 12 - Banks and Banking |
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Chapter II - Federal Reserve System |
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SubChapter A - Board of Governors of the Federal Reserve System |
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Part 227 - UNFAIR OR DECEPTIVE ACTS OR PRACTICES (REGULATION AA) |
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Subpart C - Consumer Credit Card Account Practices Rule |
§ 227.25 - Unfair balance computation method.
Latest version.
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(a)
General rule. Except as provided in paragraph (b) of this section, a bank must not impose finance charges on balances on a consumer credit card account based on balances for days in billing cycles that precede the most recent billing cycle as a result of the loss of any time period provided by the bank within which the consumer may repay any portion of the credit extended without incurring a finance charge.(b)
Exceptions. Paragraph (a) of this section does not apply to:(1) Adjustments to finance charges as a result of the resolution of a dispute under 12 CFR 226.12 or 12 CFR 226.13; or
(2) Adjustments to finance charges as a result of the return of a payment for insufficient funds.