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Bank of England (Arkansas) fined $129.8K for misreprenting VA loans

England, AR
10/05/2021
Fine Amount: 
$129,800
Penalty Type: 
Issued by: 

The FDIC has issued an order to pay a civil money penalty of $129,800 to Bank of England, England, Arkansas. The bank, without admitting or denying the violations of law or regulation, consented to the order.

The FDIC determined that the bank violated Section 5 of the Federal Trade Commission Act, 15 U.S.C. § 45(a)(1) (“Section 5”), by Bank loan officers located in the Bloomfield Michigan loan production office (“LPO”), misrepresenting to consumers that certain Veterans Administration (“VA”) refinance loan terms were available when they were not, and that the bank’s misrepresentations at the Bloomfield Michigan LPO regarding terms for VA refinancing loans were deceptive, in violation of Section 5.

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