Swanson v. Bank of America, NA

EASTERBROOK, Chief Judge.

Our opinion in this appeal, released on March 19, 2009, held that issuers of credit cards may increase interest rates at the start of a billing cycle, without giving separate notice to borrowers, when contracts with the borrowers authorize the rate increase. We rejected Laura Swanson’s argument that 12 C.F.R. § 226.9(c) requires at least 15 days’ notice before a rate of interest may change. While our opinion was at the printer, a panel of the ninth circuit came to a contrary conclusion. McCoy v. Chase Manhattan Bank, USA, N.A., 559 F.3d 963 (9th Cir.2009). Swanson has…