Independence Bank ordered to pay restitution of $3.5 million
East Greenwich, RI
Fine Amount:
$3,500,000
Penalty Type:
Issued by:
"1. Respondent violated Small Business Administration (SBA) regulations and Section 5 of the FTC Act, 15 U.S.C. § 45, by charging fees in connection with its SBA lending program that were prohibited by applicable SBA regulations. Respondent omitted material information when it engaged in SBA lending without disclosing that it was charging fees that were prohibited by applicable SBA regulations;
2. By virtue of the violations of law and regulation described in Paragraph (1), Respondent was unjustly enriched."
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