Magnolia Bank pays $425K for deceptive mortgage loan ads
Magnolia Bank, Incorporated (Magnolia, Kentucky) was issued a consent order for the assessment of a $425,000 civil money penalty under section 8(i)(2) of the Federal Deposit Insurance Act (12 U.S.C. § 1818(i)(2)), for violations of Section 5 of the Federal Trade Commission Act (15 U.S.C. § 45(a)(1)), which provides that unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are unlawful.
The FDIC found that the bank deceptively advertised "interest rates and fees for residential mortgage loans as the lowest on the market, with a promise of a 'best rate guarantee,' comparative shopping for such rates, and lower rates due to the bank's fee structure."
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