Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Freedom Financial Asset Management LLC
Penalty: $493,500
Year: 2018
Date: March 28, 2018
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: The FDIC announced settlements with Cross River Bank, Teaneck, New Jersey, and its institution-affiliated party, Freedom Financial Asset Management, LLC, San Mateo, California, for unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act related to the marketing and origination of Consolidation Plus Loans (C+ Loans). In addition, the FDIC found the bank and FFAM violated the Truth in Lending Act and Electronic Fund Transfer Act. As part of the settlement, Cross River Bank and FFAM stipulated to the issuance of respective Consent Orders, Orders for Restitution, and Orders to Pay Civil Money Penalties requiring restitution to harmed consumers. Although the exact amount of restitution was not yet determined at time of the announcement, $20 million was placed in a segregated account for the purpose of providing restitution to harmed consumers. Additionally, the FDIC Orders assessed civil money penalties of $641,750 against the bank, and $493,500 against FFAM.
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.