FDIC FINDS UDAP IN COMMERCIAL COLLECTIONS

FDIC FINDS UDAP IN COMMERCIAL COLLECTIONS

On May 6th, the Federal Deposit Insurance Corporation (“FDIC”) ordered a federally insured state bank to pay a $1.8 million civil penalty after determining that the bank engaged in unfair or deceptive acts or practices (“UDAP”) in violation of Section 5 of the Federal Trade Commission Act (“FTCA”) in connection with commercial equipment financing and leasing products issued through its wholly owned nonbank subsidiary. Read More