FDIC Announces Settlement with The Bancorp Bank, Wilmington, Del., for Unfair and Deceptive Practices — 2015-12-23

Harmed consumers to receive approximately $1.3 million in restitution FOR IMMEDIATE RELEASE The Federal Deposit Insurance Corporation (FDIC) announced a settlement with The Bancorp Bank, Wilmington, Del., for unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act (Section 5). As part of the settlement, the bank stipulated to the issuance of an Amended Consent Order, Order for Restitution, and Order to Pay Civil Money Penalty. Under the FDIC Orders, The Bancorp Bank will pay a civil money penalty of $3 million and an estimated $1.3 million in restitution to approximately 21,000 harmed customers. The Bancorp Bank issues prepaid cards on behalf of numerous non-bank entities.