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Article: Direct Merchants Bank Announces Agreement With OCC.
- Article from:
- Business Wire
- Article date:
- May 4, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
MINNETONKA, Minn.--(BUSINESS WIRE)--May 4, 2001
Direct Merchants Credit Card Bank, N.A., announced today that it has reached an agreement with the Office of the Comptroller of the Currency (OCC) regarding sales and marketing practices used in a series of limited test marketing campaigns that ended nearly a year ago. Under the terms of the agreement, Direct Merchants Bank agreed to pay approximately $3.2 million in restitution to an estimated 62,000 credit card customers.
Direct Merchants Bank, based in Scottsdale, Ariz., said it already had decided to stop the test marketing campaigns before the OCC brought the matter to the ...