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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 of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.