Aftermath
Duncan McDonald, formerly general counsel for Citibank's credit-card division. He and others had merely hoped to have the freedom to set the fees at the $15 they had calculated as a fair market rate, but afterwards some cards late fees went as high as $39.
"I certainly didn't imagine that someday we might've ended up creating Frankenstein," he told PBS's Frontline a decade later. "Millions and millions of people are being excessively charged late fees and bad-check fees and over-the-limit fees and then these 25 percent APRs to make the profits for the industry, so that they can keep the rates lower for people who are rate sensitive, who can in fact shop the system."
On May 22, 2009, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the Credit CARD Act) was signed into law.
Read more about this topic: Smiley V. Citibank
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“The aftermath of joy is not usually more joy.”
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