FDIC Announces Settlement with Bank of Lake Mills, Freedom Stores, Inc., and Military Credit Services, LLC, for Unfair and Deceptive Practices — 2017-05-11

Requires restitution to harmed consumers including military service members and their families The Federal Deposit Insurance Corporation (FDIC) today announced settlements with Bank of Lake Mills, Lake Mills, Wisconsin, and two of its institution-affiliated parties, Freedom Stores, Inc. and Military Credit Services, LLC (MCS), for unfair and deceptive practices, in violation of Section 5 of the Federal Trade Commission (FTC) Act. As part of the settlement, the bank, Freedom Stores, and MCS stipulated to the issuance of respective Orders for Restitution and Orders to Pay Civil Money Penalties (collectively, FDIC Orders). The FDIC Orders require restitution of approximately $3 million to harmed consumers, and assess civil money penalties of $151,000 against Bank of Lake Mills, $54,000 against Freedom Stores, and $37,000 against MCS.