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Omaha bank to pay $35M for unfair, deceptive practices | KRVN Radio

Omaha bank to pay $35M for unfair, deceptive practices

Omaha bank to pay $35M for unfair, deceptive practices
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OMAHA, Neb.  —  First National Bank of Omaha will pay more than $35 million in reimbursements and civil fines after federal regulators concluded that some of the bank’s practices deceptively or unfairly enrolled and charged customers for products they didn’t get.  The Omaha World-Herald  reports that the bank hasn’t sold any of the products in regulators’ sights since 2012, and two of them had been sold to customers since 1997.  The Consumer Financial Protection Bureau and the bank’s main regulator, the Office of the Comptroller of the Currency, ordered the bank to reimburse about 257,000 customers for a total of nearly $27.8 million. The bank must also pay $7.5 million in civil fines.  The protection bureau enforcement action found the bank obscured its sales pitch, deceived consumers into making a purchase and made it hard for customers to cancel such services.

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