Bank pays $2M for FTC Act violations for add-on billing

The OCC has announced the issuance of a consent order for a $2M civil money penalty and a cease and desist and restitution order against PNC Bank, National Association, Wilmington, Delaware, for violations of Section 5 of the FTC Act involving billing practices for identity protection products. From 1993 to January 2012, the bank's vendors billed identity protection customers the full fee for the products, even though many of the customers were not receiving the benefits of the products. The OCC determined the bank engaged in unfair practices which caused or were likely to cause substantial consumer injury and resulted in financial gain to the bank.