Perspective
Mar. 1, 2011
Agency Deference Is Alive and Well
The U.S. Supreme Court reminds us of the important age-old principle of agency deference. By Felicia Yu and Kathy J. Huang of Reed Smith LLP.
In an era where credit card companies face intense scrutiny for conduct that was previously considered standard industry practice, it might come as a surprise to some to find a case holding that a bank does not have to give its cardholder advanced notice of an increase in interest rates. But that is precisely what the U.S. Supreme Court held in Chase Bank USA v. McCoy, 2011 DJDAR 1223 (Jan. 24, 2011) by applying the importa...
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