Deceptive Marketing and Illegal Billing of Add-On Products Harmed Hundreds of Thousands of Consumers


The Consumer Financial Protection Bureau (CFPB) has ordered First National Bank of Omaha to provide $27.75 million in relief to roughly 257,000 consumers harmed by illegal practices with credit card add-on products. The bank used deceptive marketing to lure consumers into debt cancellation add-on products and it charged consumers for credit monitoring services they did not receive. First National Bank of Omaha will also pay a $4.5 million civil money penalty to the CFPB.

Specifically, the bank:

  • Disguised the fact that it was selling consumers a product
  • Distracted consumers into making a purchase
  • Failed to disclose consumers' ineligibility
  • Hindered consumers from obtaining debt cancellation product benefits
  • Made cancellation of debt cancellation products difficult
  • Billed for credit monitoring services not provided

The CFPB's order requires that First National Bank of Omaha:

  • Repay $27.75 million to affected consumers
  • End unfair billing and other illegal practices
  • Pay a $4.5 million penalty: