The Bancorp Announces Termination of Compliance-Related Consent Order
November 24 2020 - 4:05PM
Business Wire
Strengthened Compliance Management System Contributes to Release
from Consent Order
The Bancorp, Inc. (NASDAQ: TBBK), announced today that the
Federal Deposit Insurance Corporation (FDIC), the prudential
regulator of The Bancorp Bank (Bank), has terminated its Consent
Order with the Bank principally related to consumer compliance and
third-party risk management. The termination of this Consent Order
concludes all outstanding regulatory actions brought by the FDIC
against the Bank.
“We appreciated the support and encouragement of the FDIC and
other regulators as The Bancorp expanded its compliance and risk
management infrastructure. Our blueprint to create the
best-in-class payments ecosystem was created through consultation
with our clients, regulators, strategic partners and the best minds
in fintech. The removal of the compliance order was the latest and
final validation that our team has fully implemented a continuous
process to help our community build the future of banking,” says
Damian Kozlowski, President and CEO. “The Bancorp will continue to
maintain its commitment to consumer protection while working to
improve our technologies to remain at the forefront of the
financial industry and support our partners’ rapid growth.”
In recent years, The Bancorp has made significant investments in
developing and maintaining a sustainable compliance management
system that is focused on scalable technology, people, and
processes. The Bancorp and its partners have worked diligently to
create a compliance management system specifically designed to
support the fintech industry.
“The Bancorp and its partners are committed to expanding
financial access to a wider range of customers than traditional
banks through innovation and inclusiveness,” says Gregor Garry,
Executive Vice President and Chief Operating Officer. “By building
scalable tools and processes, we have redefined compliance
management system standards to protect our customers and set the
precedent for the fintech industry.”
About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the
unique needs of non-bank financial service companies, ranging from
entrepreneurial start-ups to those on the Fortune 500. The
company’s subsidiary, The Bancorp Bank (Member FDIC, Equal Housing
Lender), has been repeatedly recognized in the payments industry as
the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank
and a top ACH originator. Specialized lending distinctions include
SBA National Preferred Lender, a leading provider of
securities-backed lines of credit, and one of the few bank-owned
commercial vehicle leasing groups in the nation. For more
information, please visit www.thebancorp.com.
Forward-Looking Statements
Statements in this release regarding The Bancorp’s business
which are not historical facts are "forward-looking statements."
These statements may be identified by the use of forward-looking
terminology, including but not limited to the words “may,”
“believe,” “will,” “expect,” “look,” “anticipate,” “plan,”
“estimate,” “continue,” or similar words , and are based on current
expectations about important economic, political, and technological
factors, among others, and are subject to risks and uncertainties,
which could cause the actual results, events or achievements to
differ materially from those set forth in or implied by the
forward-looking statements and related assumptions. These risks and
uncertainties include those relating to the on-going COVID-19
pandemic, the impact it will have on our business and the industry
as a whole, and the resulting governmental and societal responses.
For further discussion of the risks and uncertainties to which
these forward-looking statements may be subject, see The Bancorp’s
filings with the Securities Exchange Commission, including the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of those
filings. The forward-looking statements speak only as of the date
of this press release. The Bancorp does not undertake to publicly
revise or update forward-looking statements in this press release
to reflect events or circumstances that arise after the date of
this earnings release, except as may be required under applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201124005967/en/
Media Relations Rachel Weiss, VP Communications Manager (302)
385-5410 rweiss@thebancorp.com
Kathleen Hayn, AVP Communications Specialist (484) 888-4445
kahayn@thebancorp.com
Investor Relations Andres Viroslav, Director of Investor
Relations (215) 861-7990 aviroslav@thebancorp.com
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