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Violation Tracker Individual Record

Company: Bancorp Bank
Penalty: $172,000
Year: 2012
Date: August 8, 2012
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: student loan abuses
Violation Description: The Federal Deposit Insurance Corporation announced settlements with Higher One, Inc., New Haven, Connecticut, (Higher One) and The Bancorp Bank, Wilmington, Delaware, for alleged unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act (Section 5). Under the settlements, both Higher One and The Bancorp Bank agreed to Consent Orders and Higher One agreed to provide restitution of approximately $11 million to approximately 60,000 students. In addition, the FDIC imposed civil money penalties of $110,000 for Higher One and $172,000 for The Bancorp Bank.
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.