Republic Bank & Trust Company fined $300K
The FDIC issued a consent order of assessment of a $300,000 civil money penalty against Republic Bank & Trust Company, Louisville, Kentucky, having determined that the bank violated section 122(a) of the Truth in Lending Act, 15 U.S.C. § 1632(a), and section I026.5(a)(l) of Regulation Z, 12 C.F.R. § 1026.S(a)(l), by failing to clearly and conspicuously disclose required information related to the Bank's Elastic line of credit product, offered pursuant to a contract with Elevate@Work, L.L.C.; and violated Section 5 of the Federal Trade Commission Act, 15 U.S.C. § 45(a)(l), by using a processing order for certain deposit account transactions contrary to the processing orders disclosed in the Bank's deposit account disclosures.
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