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UMB Bank, N.A. pays for UDAP violation

Kansas City, MO
08/01/2017
Fine Amount: 
$1,500,000
Penalty Type: 
Issued by: 

The OCC has issued a Consent Order for a Civil Money Penalty of $1,500,000 to UMB Bank, N.A., Kansas City, Missouri, having identified deficiencies in the Bank's practices that resulted in violations of Section 5 of the FTC Act, related to billing practices with regard to an identity theft protection product, and has informed the Bank of the findings resulting from the examination

Essentially, the bank was found to have billed customers for a credit monitoring or credit report retrieval service the customers had not activated, as a result of deficient vendor management practices. The bank was also issued an order to cease and desist, and an order for restitution.

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