Bank to pay combined $4.11 million penalty for deceptive practices impacting nearly 440,000 students nationwide
CHICAGO–(ENEWSPF)–July 1, 2014. The Illinois Department of Financial and Professional Regulation (IDFPR), working with the Federal Reserve System’s Board of Governors issued an order on June 26, 2014, requiring Cole Taylor Bank (“Cole Taylor”) to pay millions in fines for participating in deceptive banking practices through its agent, Higher One, Inc., of New Haven, Connecticut (“Higher One”), impacting hundreds of…
