On March 10, the Federal Deposit Insurance Corporation (FDIC) issued a consent order to Magnolia Bank, Magnolia, KY, which included a $425,000 civil monetary penalty for violations of Section 5 of the Federal Trade Commission Act (UDAP). The FDIC found that the bank deceptively advertised “interest rates and fees for residential mortgage loans as the lowest on the market, with a promise of a ‘best rate guarantee,’ comparative shopping for such rates, and lower rates due to the bank’s fee structure.”
Categories
-
Recent Posts
Archives
-
Recent Posts
Recent Comments
- Susan on SO WHERE IS CRA HEADED NOW?
- Cfpb Mortgage Qualified - Rosamondtowncouncil on CFPB ISSUES TRID GUIDANCE
- Tony on USAA ENFORCEMENT ACTION
- INTERAGENCY STATEMENT ON EGRRCPA - Jack's Compliance Resource on STATUS OF THE EGRRCPA HMDA AMENDMENTS
- STATUS OF THE EGRRCPA HMDA AMENDMENTS - Jack's Compliance Resource on REGULATORY RELIEF ON THE WAY