We have a brand new updated website! Click here to check it out!

Outdoor outfitter Cabela’s bank released from FDIC order

FDICOMAHA, Neb. (AP) — The Federal Deposit Insurance Corp. has terminated a consent order against World’s Foremost Bank, a Lincoln-based credit card operation set up by the outdoor outfitter Cabela’s.

The Lincoln Journal says the order was ended Nov. 4 but not announced publicly until Monday. The original order in March required World’s Foremost Bank to pay a $1 million penalty and restitution to about 1.8 million card holders for what the FDIC said were deceptive and unfair acts. The bank agreed to the sanctions but did not admit or deny the violations.

FDIC spokeswoman LaJuan Williams-Young says a termination order typically indicates “that the bank has complied with the original stipulations” in the consent order. She declined to comment further. A bank representative didn’t immediately return a call from The Associated Press.

Copyright Eagle Radio | FCC Public Files | EEO Public File