tl;dr
The Federal Deposit Insurance Corporation (FDIC) has reached a $1.5 million settlement with Bank of England, based in England, Arkansas, for deceiving veterans into overpaying for services and not delivering promised products. The bank's actions violated the Federal Trade Commission Act and other re...
The Federal Deposit Insurance Corporation (FDIC) has reached a $1.5 million settlement with Bank of England, based in England, Arkansas. The settlement is related to the bank's deception of veterans, leading to overpayments for services and failure to deliver promised products. This resulted in significant consumer harm.
The violations included the Federal Trade Commission Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, and Home Mortgage Disclosure Act. As part of the settlement, the bank agreed to pay a $1.5 million Civil Money Penalty, and nine former employees will face enforcement actions. Additionally, one employee has been banned from the banking industry.
The FDIC revealed that the bank made $1.9 million in remediation to over 900 affected consumers. The bank's assets at the end of 2023 amounted to $412.8 million, with reported net losses of $9.95 million for the year, following a net loss of $3.86 million in 2022.
The FDIC emphasized its commitment to ensuring fair treatment of consumers and holding both the bank and its employees accountable for their illegal actions. It highlighted that the bank's actions led to overcharging and failure to provide promised loan products to veterans and their families, resulting in significant harm.
The FDIC also noted that the bank's employees misrepresented the firm's relationship with the Department of Veterans Affairs, further exacerbating the deceptive practices.
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