Search Results: test Banking

DOJ Settles with Indiana Bank for Alleged Lending Discrimination

On June 13, 2019, the Department of Justice (DOJ) announced​ that it filed a complaint​ and settlement agreement ​in the U.S. District Court for the Southern District of Indiana resolving allegations against a Midwestern​ bank based in Indiana.  The DOJ alleged that the bank engaged in lending discrimination through “redlining,” or intentionally avoiding providing services in predominantly…

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Federal Reserve Board Settles With Kentucky Bank for $4.75 Million

On July 26, 2018, the Federal Reserve Board (FRB) announced a multi-million dollar settlement with a Kentucky bank over allegations of unlawful banking practices in violation of Section 5 of the Federal Trade Commission Act. According to the Consent Order, the bank made misrepresentations and failed to disclose certain information to consumers about…

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OCC and CFPB Reach $30 Million Settlement With South Dakota Bank Over Overdraft Fees

On July 20, 2018, the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) reached a $30 million settlement with a South Dakota bank over allegations that the bank had engaged in deceptive practices with respect to its overdraft services in violation of Section 5 of the Federal Trade…

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FDIC Enters Into $20 Million Consent Order With Debt Settlement Entities

On March 28, 2018, the Federal Deposit Insurance Corporation (“FDIC”) annou​nced settlements with a bank and an affiliated lender (“Defendants”) relating to allegations of deceptive lending practices.  According to the FDIC, the Defendants provided, as “debt-settlement products,” loans to borrowers who were heavily indebted, which loans had settlement fees of up…

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FDIC Reaches $2 Million Settlement with Bank for Charging Allegedly Excessive, Undisclosed Fees

​On March 7, the Federal Deposit Insurance Corporation (FDIC) announced that it reached a settlement with a Delaware bank, resolving allegations that the bank engaged in unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act ​(the “FTC Act”) and violated the Electronic Funds Transfer Act,…

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