Reduce liability for losses on commercial accounts by adhering to four requirements.
Could Your Reg E Error Resolution Process Be Violating UDAAP?
A recent Reg E-related $82,500 fine for MarkleBank, who was found in violation of Reg E and UDAAP, is the final warning bell for institutions to take a serious look at their Reg E error resolution procedures.
MarkleBank Civil Money Penalty
The FDIC considered the matter and determined that it has reason to believe that the Bank violated the prohibition against deceptive acts or practices found in section 5 of the Federal Trade Commission Act.
FDIC Announces Settlement With Advanta Bank Corporation for Deceptive and Unfair Practices
Advanta's "Cash Back Reward" program advertised a percentage of cash back on certain purchases by business credit card accountholders. Due to the tiered structure of the cash back payments, however, the advertised percentage was not available for all purchases. As a result, it was effectively impossible to earn the stated percentage of cash back reward payments.
Order of Assessment of a Civil Money Penalty
Office of Thrift Supervision
Woodforest Bank was ordered by the OTS to pay the sum of $400,000 in a civil money penalty and $12 million into a segregated deposit account for purposes of paying restitution of overdraft-related fees to existing and past depositors.