trending Market Intelligence /marketintelligence/en/news-insights/trending/QYA9p96xIuklB8lBtzqpVA2 content esgSubNav
In This List

FDIC fines The Bancorp unit $7.5M for Bank Secrecy Act-related violations

Blog

Post-webinar Q&A: Speed and Scalability – Automation in Credit Risk Modeling

Case Study

A Chinese Bank Takes Steps to Minimize Risks as it Supports International Trade

Blog

Middle East Africa MA by the Numbers: Q3 2021

Blog

Banking Essentials Newsletter: November Edition 2021 - Part 2


FDIC fines The Bancorp unit $7.5M for Bank Secrecy Act-related violations

The Federal Deposit Insurance Corp. issued an order to pay a $7.5 million civil money penalty against The Bancorp Inc.'s bank unit, Bancorp Bank, for Bank Secrecy Act-related violations.

The bank paid the penalty without admitting or denying any violations of law, regulation or the provisions of the 2014 Consent Order.

On Dec. 19, the FDIC issued an order of termination, after the bank met all requirements needed by the regulator including remedying any incorrectly charged fees due to an internal programming system glitch at one of the bank's third-party payment processors.

The company expects to recognize a related expense of $7.5 million in the fourth quarter.