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Consumer Law Keyed to Whaley, 9th Ed.
First Acadiana Bank v. Federal Deposit Insurance Corp.
Citation:
833 F.2d 548 (1987)Facts
First Acadiana Bank of Eunice, Louisiana, implemented a policy beginning October 1, 1982, requiring all car-loan borrowers to employ a bank-approved attorney to prepare a valid chattel mortgage on the vehicle as a condition of receiving credit. For approximately two-thirds of these customers, the Bank financed the attorney fees, which ranged from $55 to $151 per loan, with the amount determined by the attorney who also retained the proceeds. When financing these fees, the Bank included them in the “amount financed” category and separately disclosed them to borrowers, but did not include them in the “finance charge” or in calculating the annual percentage rate (APR). This omission resulted in APR understatements ranging from half a point to ten percentage points. After the FDIC notified the Bank of violations in 1984 and the Bank refused to change its practices, administrative proceedings resulted in a cease and desist order and reimbursement requirement.
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