We know you’ll be shocked, shocked to hear that the Supreme Court reversed a decision by the Ninth Circuit. Ruling 9-0, the Supreme Court held that, prior to amendments that took effect in 2010, Regulation Z did not require additional notice of a default rate increase after a consumer defaulted and before the rate increase took effect if the cardmember agreement disclosed the card holder’s discretion to increase the rate due to default up to a specified maximum rate. Chase Bank USA, N.A. v. McCoy, 131 S. Ct. 871 (2011). The Supreme Court found the relevant provision of Regulation Z was ambiguous and deferred to the Board’s interpretation of the provision in an amicus brief submitted to the Supreme Court. The Board had expressed the same interpretation in a brief requested by the First Circuit in a case brought by the same plaintiffs’ counsel.