In an email exchange in 2013 with Jefferson (where the CEOs lobbed insults back and forth), Chrietzberg wrote he had major problems.
Let’s review:
Monterey County Bank had FDIC consent orders in 2013 and another in 2021. However, in 2010, the bank had an order to pay civil money penalty after being found to have engaged in “deceptive practices” related to two relationships with third party-card companies.
“The $292 million-asset Monterey County Bank in Monterey, Calif., agreed to a consent order and will pay more than $2 million in restitution to credit and debit card customers, settling claims it failed to properly disclose fees and other information.”
“The FDIC targeted the bank’s Balance Transfer Card, which, the agency said, promised to help consumers with spotty credit histories to pay down debt and obtain credit cards, as well as a debit card program marketed by a third party.”
“The bank also had to pay $300,000 “towards establishing local or national non –profit organizations for the purpose of consumer financial education and counseling, in both English and Spanish–“ – American Banker
