Taylor Capital (TAYC) in Chicago has been notified by the Federal Reserve Board that its bank is facing an enforcement action for employing deceptive trade practices.

The $5.7 billion-asset company disclosed in a regulatory filing Wednesday that the Fed concluded that Cole Taylor Bank for violating a section of the Federal Trade Commission Act. The bank was flagged for a checking account opening process tied to a relationship with an former business partner that provides various services to the higher education industry.

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