Violation Tracker Individual Record

Company: 
Advanta Bank Corporation
Penalty: 
$35,150,000
Year: 
2009
Date: 
July 1, 2009
Offense Group: 
financial offenses
Primary Offense: 
banking violation
Violation Description: 

To settle charges that it engaged in deceptive and unfair patcies, Advanta agreed to an order to cease and desist, to pay restitution, and to pay a civil money penalty in the amount of $150,000. In addition, it agreed to restitution of approximately $14 million to businesses that used Advanta's Cash Back Reward program and $21 million to accountholders whose accounts were repriced. In agreeing to the issuance of the order, Advanta did not admit or deny any liability.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Federal Deposit Insurance Corporation
Civil or Criminal Case: 
civil
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.