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Bancorp Bank pays $2M CMP and $1.3M restitution

Wilmington, DE
03/07/2018
Fine Amount: 
$2 million and restitution of $1.3 million
Penalty Type: 
Issued by: 

The FDIC has issued The Bancorp Bank, Wilmington, DE, an Order for Restitution and Order to pay Civil Money Penalty of $2 million.

"The FDIC has reason to believe that the Bank engaged in violations of Section 5 of the Federal Trade Commission Act, 15 U.S.C. § 45(a)(l) (“Section 5”) as a result of practices regarding the disclosure and assessment of transaction fees for point-of-sale signature-based transactions without a personal identification number (“PINless transactions”) for the Bank's Excella Visa Prepaid Debit Cards (“Excella Cards”) and certain other general purpose reloadable (“GPR”) debit cards offered by the Bank (“Non-Excella Cards”). The transaction fees assessed on behalf of the Bank by the Bank’s third party payment processor for PINless transactions were greater than the Bank disclosed to consumers for such transactions.

"The FDIC also has reason to believe that the Bank violated the Electronic Funds Transfer Act, 15 U.S.C. § 1693 et seq. and Regulation E, 12 C.F.R. Part 1005; the Truth in Savings Act, 12 U.S.C. § 3201 et seq. and Regulation DD, 12 C.F.R. Part 1030; and the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §7001."

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