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Violation Tracker Individual Record

Company: Achieve Financial Services LLP
Penalty: $1,210,000
Year: 2013
Date: May 31, 2013
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: The Federal Deposit Insurance Corporation announced settlements with First California Bank (FCB), Westlake Village, California, and Achieve Financial Services, LLP for unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act (Section 5) and violations of the Treasury Rule, 31 C.F.R. 210, governing the use of the Automated Clearing House system to deliver federal benefit payments to prepaid debit cards. Under the settlements, each entity has agreed to a Consent Order, Order for Restitution, and Order to Pay Civil Money Penalty. Achieve and FCB have agreed to provide restitution of approximately $1.1 million to over 64,000 cardholders. In addition, the FDIC has assessed civil money penalties of $600,000 against FCB and $110,000 against Achieve.
Level of Government: federal
Action Type: agency action
Agency: Federal Deposit Insurance Corporation
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.