FDIC Announces $1 Million Civil Money Penalties on Two Affiliated Banks

FDIC recently announced that it had assessed two $1 million dollar fines against affiliated banks in late August of 2024.  FDIC alleged that the banks, which neither admitted nor denied the allegations, engaged in unfair acts and practices in violation of Section 5 of the FTC Act related to reward programs and the processing of automatic payments matters resulting from the conversion from an internal core system platform to an external core system platform.