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FDIC Hits Comenity Banks Over Deceptive Credit Card Add-Ons

Joe Mont | September 8, 2015

The Federal Deposit Insurance Corporation on Tuesday announced a settlement with Delaware-based Comenity Bank and Comenity Capital Bank of Salt Lake City, Utah, for deceptive practices related to the marketing and servicing of credit card "add-on products.” The banks are both wholly-owned subsidiaries of Ohio-based Comenity, LLC.

As part of the settlement, Comenity Bank will pay a civil money penalty of $2 million and provide restitution of approximately $53 million to harmed consumers....

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