Menu
Banking Exchange Magazine Logo
Menu

Bank of England fined by FDIC

Bank was in violation of Section 5 of the Federal Trade Commission Act

  • |
  • Written by  Banking Exchange staff
Bank of England fined by FDIC

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.”

back to top

Sections

About Us

Connect With Us

Resources

Webinar:

Navigating Fraud in the World of Instant Payments:
Strategies for Success

Time/Date: February 28, 2:00-3:00 ET

As payment technology advances, so does the need for effective fraud prevention strategies.

Join experts Mike Cook, VP of Commercialization, Fraud Solutions at Socure, and Mark Majeske, SVP of Faster Payments at Alacriti, in this Banking Exchange hosted webinar on February 28, 2:00-3:00 ET, as they discuss the current and future state of fraud in the instant payments landscape, and share strategies for protecting your business in the face of evolving fraud trends.

Key topics to be covered include:

REGISTER NOW!

This webinar is brought to you by:
Alacriti logo