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Unfair billing leads to $35 million penalty for HSBC Bank
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Banking, Case Law, Consumer Protection
Tuesday, April 19, 2016
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The Office of the Comptroller of the Currency assessed a $35 million penalty against HSBC Bank USA, N.A., McLean, Virginia and its affiliate HSBC Bank Nevada, N.A., Las Vegas for illegal billing practices regarding its CreditKeeper product. The order was issued pursuant to the Section 5 of the Federal Trade Commission Act prohibition of unfair and deceptive acts or practices, which is similar to the Consumer Financial Protection Bureau’s authority under the Dodd-Frank Act to prohibit unfair, deceptive and abusive acts or practices (UDAAP). Read on to learn more.
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