Fleet Financial Group Inc. and two units of Home Equity U.S.A. agreed to pay $1.3 million to settle Federal Trade Commission charges that they deceived home equity borrowers.

Prosecutors said Fleet Finance Inc., a former Fleet unit based in Atlanta, and the Rhode Island and Delaware branches of Home Equity, which bought Fleet Finance from Fleet, violated federal laws that require creditors to give consumers documentation of the costs and terms of loans and allow borrowers to cancel certain transactions.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.