Metropolitan Commercial Bank To Pay Approximately $30M In Fines Over Misuse Of Prepaid Card Accounts; Fed Says Metropolitan Commercial Bank Opened Prepaid Card Accounts For Illicit Actors Who Illegally Obtained Unemployment Insurance Benefits
Portfolio Pulse from Benzinga Newsdesk
Metropolitan Commercial Bank is set to pay around $30 million in fines due to misuse of prepaid card accounts. The Federal Reserve stated that the bank opened these accounts for illicit actors who illegally obtained unemployment insurance benefits.
October 19, 2023 | 8:02 pm
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Metropolitan Commercial Bank (MCB) is facing a $30 million fine due to misuse of prepaid card accounts. This could negatively impact the bank's financials in the short term.
The fine of $30 million is a significant financial burden for Metropolitan Commercial Bank. This news could negatively affect investor sentiment, leading to a potential short-term decrease in the bank's stock price.
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