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MoFo Reenforcement The Enforcement Blog

FDIC Action Is a Reminder that Bank Partnerships Are Not a Panacea for Non-Banks

Posted in Enforcement Actions, UDAAP

On May 11, 2017, the FDIC announced that it had reached settlements with Bank of Lake Mills and two of its “institution-affiliated parties””—Freedom Stores, Inc. and Military Credit Services, LLC—for allegedly engaging in unfair and deceptive practices in violation of Section 5 of the FTC Act.

Read our client alert.