
The Federal Reserve Board issued a consent order to cease and desist and a civil money penalty assessment of $3,510,000 against Cole Taylor Bank of Chicago, Illinois. The order addressed the participation by the bank and its agent, Higher One, Inc. Of New Haven, Connecticut, in what were said to be deceptive practices in violation of section 5 of the Federal Trade Commission Act. For more info visit http://www.federalreserve.gov/newsevents/press/enforcement/20140701b.htm