Attorney Andrew Bullard breaks down how 'Per Stirpes' and 'Per Capita' beneficiary distributions compare and why it… https://t.co/U6GaQYD5pp
Understanding the Difference Between a ‘Per Stirpes’ and ‘Per Capita’ Distribution https://t.co/IsqsvpFwTg
Attorney Andrew Bullard breaks down how 'Per Stirpes' and 'Per Capita' beneficiary distributions compare and why it… https://t.co/p2aqG68xyr
The FDIC has entered into a settlement with Comenity Bank and Comenity Capital Bank regarding their servicing and marketing of credit card add-on products. The liability premise involves Section 5 of the FTC Act, which prohibits unfair and deceptive practices and stems from the banks’ provision through third parties of payment protection/debt cancellation add-on products. As part of the settlement, both banks agreed to pay consumers a total of approximately $61.5 million in restitution, as well as civil money penalties of approximately $2.5 million. As part of the enforcement action leading to the consent order, the FDIC determined that the banks violated the FTC Act by:
Beyond the monetary implications, however, the orders contain remediation provisions that should guide other banks, particularly in their management of third party relationships. The Consent Orders require the implementation of an effective third party oversight program, which includes:
Financial service companies should carefully review the enforcement actions and the resulting consent orders of this settlement to identify regulatory points of emphasis and prohibited practices, in addition to regulatory guidance on what constitutes an effective compliance management system.
Caren Enloe is a partner who concentrates her practice in consumer financial services litigation and compliance, bankruptcy, and commercial litigation with an emphasis on creditor’s rights. She has a deep understanding of the complex compliance environment surrounding the financial services industry and regularly advises financial service companies on licensing and compliance issues involving state and federal consumer protection and finance statutes. Caren is the author of a daily blog titled: Consumer Financial Services Litigation and Compliance where she posts timely and informative updates regarding the CFPB, FTC, and a host of topical litigation issues involving consumer protection law....LEARN MORE