The Bancorp, Inc.announced that the Federal Deposit Insurance Corporation (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.
The Bancorp is based in north Wilmington.
“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, P 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.”
“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.”
The Bancorp, Inc. is a top issuer of prepaid cards, a top merchant sponsor bank, and a top originator of ACH transactions that transfer money without checks. The Bancorp is an SBA National Preferred Lender, a provider of securities-backed credit lines, and one of the few bank-owned commercial vehicle leasing groups in the nation.