Bank of England fined by FDIC
Bank was in violation of Section 5 of the Federal Trade Commission Act
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- Written by Banking Exchange staff
Arkansas-based Bank of England has been fined close to $130,000 by the Federal Deposit Insurance Corporation (FDIC).
The fine was in relation to “deceptive misrepresentations” about the loan terms made by one of the bank’s offices in Michigan.
According to the FDIC, bank loan officers in Detroit suburb, Bloomfield, misrepresented to customers that particular Veterans Administration refinance loan terms were available to them when they were not.
This was a violation of Section 5 of the Federal Trade Commission Act.
A company statement said the penalty was related to “improper actions” in 2019.
“This branch office was closed and those employees are no longer employed by the bank," the statement said. "Bank management condemns the actions of these former employees. Bank of England has enhanced its policies and procedures to prevent actions of this nature and to protect our customers.”
Tagged under Compliance; Duties; Fair Lending; Feature3; Feature; Human Resources; Mergers Acquisitions; Tokenization;
