The FDIC determined that the Bank has engaged in unsafe or unsound banking practices,engaged in deceptive and unfair acts and practices in or affecting commerce in violation of Section 5 of the Federal Trade Commission Act (“Section 5”), 15 U.S.C. § 45(a)(1) stemming from the marketing and promotion of prepaid debit card products and implementation of error resolution procedures by third parties, and engaged in other violations of law, including maintaining a deposit account in violation of the Treasury Rule, 31 C.F.R. § 210, governing the use of the Automated Clearing House (“ACH”) system to deliver federal benefit payments to prepaid debit cards (“Treasury Rule”).
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