The Carlson Law Firm is currently investigating a potential Truth in Lending Act violation on behalf of American Express credit card holders. Were you an AMEX cardholder in May, June and/or July 2016? You may be eligible for compensation.
TILA is a federal law intended to assure a meaningful disclosure of credit terms. This is so the consumer will be able to compare the various credit terms available and avoid the uninformed use of credit while establishing a fair and competitive financial marketplace. TILA's origins date back to 1968 when the law was established by the U.S. Federal Reserve Board.
You are eligible to claim sizable damages when lenders violate their obligations to properly inform consumers about their credit accounts. U.S. lending laws give credit card issuers a lot of freedom to set terms, but in exchange, they are subject to stiff penalties when they don't disclose their terms properly. When a credit card issuer provides you a document that has incorrect key information or is missing key information, it has broken the law. As a credit consumer, you are eligible to claim "statutory damages" from your issuer when it breaks the law in that way. Statutory damages are something like a fine the bank must pay for not meeting its responsibilities, but instead of a government authority collecting, it's you, the consumer, that gets to collect.
It's in the interest of every American to make sure that our lending institutions are following the law in all their dealings. It was a breakdown in the oversight of our lending industry that helped bring about the financial crisis of 2007-08. And it was largely consumers who bore the consequences of that breakdown and failure. Bringing these claims sends a strong, positive message to the banks that we consumers are watching them carefully and that we will hold them accountable. An additional benefit is that watchful consumers discourage bad actors and keep the competition in the industry honest and fair, which is good for consumers and business.