Bank Ordered to Pay Civil Money Penalty After Misrepresenting VA Refinance Terms

The FDIC and a Bank entered into a stipulation and consent to the issuance of an order to pay a civil money penalty, which was recently issued.  The FDIC concluded that loan officers in the Bloomfield, Michigan office had misrepresented the availability of VA refinance loan terms. The FDIC alleged that these actions violated Section 5 of the Federal Trade Commission Act. 

The Bank will pay a $129,800 civil money penalty.