The Federal Reserve has freed Cole Taylor Bank from an enforcement action two years after the Chicago bank was acquired by MB Financial.

The Fed said in a news release Thursday that it had terminated a June 2014 cease-and-desist order against Cole Taylor. The order was tied to the bank's dealings with Higher One in New Haven, Conn.

The Fed had claimed that under Cole Taylor's oversight, Higher One engaged in deceptive practices when processing financial-aid payments for students at colleges and universities.

Cole Taylor paid more than $4 million in civil money penalities.

A Fed spokeswoman on Thursday declined to specify why it terminated the order, though she said that "enforcement actions are terminated when our examiners have validated that the remediation and payment obligations under the order have been satisfied."

Taylor Capital Group, Cole Taylor's parent, was acquired by MB Financial in August 2014. MB Financial did not return a call for comment on Thursday.

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