Cole Taylor Fined Millions for Insufficiently Monitoring Third-Party Higher One; Faces Potential Restitution Payments up to $30 Million (July 2, 2014)
Cole Taylor Bank has been ordered to pay more than $4.1 million by the Illinois Department of Financial and Professional Regulation (IDFPR) and the Fed for failing to properly monitor the activities of its third-party “agent” Higher One Inc.