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The Federal Deposit Insurance Corp. in August issued eight consent orders and one civil money penalty, according to its latest monthly roundup of enforcement actions released Friday.
September 26 -
Regulators are developing joint standards for cybersecurity, testing special exam procedures and helping banks assess their own readiness, Federal Deposit Insurance Corp. Chairman Martin Gruenberg said at American Banker's 4th Annual Regulatory Symposium. That's a good thing because community bankers said they need a lot of help.
September 22 -
Industry groups have urged the bank regulators to implement more wholesale changes in the second review mandated by a 1996 law, saying the outcome of the first review was disappointing.
September 19
The Federal Deposit Insurance Corp. has
Under the agreement, Merrick will pay a $1.1 million penalty and $15 million in restitution costs stemming from violations of the Federal Trade Commission Act.
At issue in the case is a third-party service called the "PAYS Plan," which was designed to provide monthly credit payments during unexpected life events, such as unemployment or hospitalization. The benefit plan was marketed to Merrick's credit card customers between 2008 and 2013.
The FDIC charged Merrick with misrepresenting the plan's protections for consumer credit ratings. It also accused the bank of failing to disclose the terms and conditions of the plan's hospitalization benefit.
The $2 billion-asset Merrick serves more than 900,000 cardholders,