X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – The Office of the Comptroller of the Currency entered into an agreement with First Consumers National Bank of Beaverton, Oregon, to require the bank to refund various credit card fees to customers. Knowing the bank would have to liquidate its credit card portfolio December 28, 2002, First Consumers did not inform customers when they renewed or initiated their credit cards on or after that date. The credit cards were to be terminated. OCC’s asserted that this was an unfair and deceptive practice and entered into an agreement requiring the bank to refund $1.65 million in annual fees. First Consumers must also refund $255,685 in over the limit fees that resulted from the annual fee charge. Most customers had already been reimbursed as of June 2003. Under the agreement, the bank has to pay the new servicer for reimbursements for those who have not received their refunds. OCC had required First Consumers to sell, merge or liquidate as part of a consent order against the bank in May 2002. Efforts to merge or sell were unsuccessful so liquidation began June 19, 2003.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.