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CFPB Fines First National Bank of Omaha for Add-On Products

American Banker

Two federal regulators have ordered First National Bank of Omaha to pay a total of $35 million over charges that the bank engaged in deceptive marketing of credit card add-on products that some consumers allegedly never received.

Omaha 28
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CFPB Fines FNBO $32M Over ‘Illegal’ Credit Card Practices

PYMNTS

The CFPB will collect more than $32 million in fines from First National Bank of Omaha over credit card practices the regulator found to be deceptive. The bank has $18 billion in assets, is based in Omaha, NE, and is a unit of First National of Nebraska Inc. The CFPB has ordered the bank to pay out $27.75

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The ICBA 22/23 executive committee is all in

Independent Banker

“I’m so inspired by the professionalism, integrity and commitment of our executive committee and board of directors as we work together to serve the needs of community bankers across the nation,” says Terry Jorde, ICBA senior executive vice president and chief of staff. Omaha, Neb. We are not Wall Street banks—we are community banks.

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Data Dive: And The Winner Is Edition — SMBs Worldwide, DoorDash And Gun Regulation

PYMNTS

This week saw three very big names in retail and payments weigh in on the debate over gun control in an attempt to push the market toward regulating itself with or without government intervention. On top of that, many firms have announced they plan to rethink — or simply cancel — their relationship with the National Rifle Association (NRA).

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Deep Dive: Why CU-Issued Credit Cards Face An Uphill Battle

PYMNTS

In fact, CU interest rates are capped by federal regulations. Roosevelt in 1934, gave the National Credit Union Administration (NCUA) the authority to set maximum credit union interest rates. First of Omaha Service Corp. held that such rules could not be enforced against nationally chartered banks.

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Former NCUA Chairman Matz Joins Bank Board

American Banker

Debbie Matz, a former chairman of the National Credit Union Administration, has joined the board of Mutual of Omaha Bank in Nebraska.

Omaha 28
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Ballard Spahr Submits Comment Letter to OCC in Support of Proposed True Lender Rule

CFPB Monitor

Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule , “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”). Three virtually identical Federal Interest Statutes govern interest that may be charged by Banks: Section 85 of the National Bank Act (“NBA”), 12 U.S.C. §

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