Cabela's Credit Card Bank Fined $1 million

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The credit-card bank operated by Nebraska outdoor retailer Cabela's has been fined $1 million by banking regulators and ordered to pay cardholders restitution for deceptive and unfair acts.

The Federal Deposit Insurance Corp. posted a March 10 enforcement order to its website Friday showing that Lincoln-based World's Foremost Bank agreed to the sanctions. The bank did not admit or deny violations.

The order comes more than three years after Cabela's agreed to pay nearly $10.4 million and reform its credit card practices as part of a settlement with the FDIC over assessing improper fees and other issues.

In the order released Friday, the FDIC said World's Foremost Bank must refund certain interest charges to cardholders and to repay others for add-on credit card services, such as identity-theft protection.




 
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