FSC orders six banks to repay excessive card feesBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) yesterday said that it has told six local banks to quickly return a total of NT$6.98 million (US$231,932) to their credit card clients for interest rate overcharges on revolving credit. He did not name the banks, although Democratic Progressive Party (DPP) Legislator Michelle Lin (林楚茵) urged him to do so, telling lawmakers only that several were privately owned banks. Financial Supervisory Commission Chairman Wellington Koo gestures while reporting to the Legislative Yuan’s Finance Committee in Taipei yesterday. Photo: Chen Chih-chu, Taipei TimesDPP Legislator Chuang Jui-hsiung (莊瑞雄) said the banks should be penalized by the commission for taking advantage of their clients. The six banks would be asked to assign a non-credit card division — such as compliance or information technology division — to set up a new mechanism to confirm that their credit card divisions are doing the calculation correctly, a commission official told the Taipei Times by telephone.

Source: Taipei Times March 11, 2020 15:56 UTC