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Co-op Bank fined $2.5M NZ for unreasonable home loan fees.
The Co-operative Bank has been fined nearly $2.5 million by New Zealand's High Court for charging customers unreasonable fees on home and personal loans.
The bank admitted to overcharging 48,249 customers a total of approximately $7.225 million, including 12 specific fees, after self-reporting compliance failures.
The Commerce Commission emphasized the need for stronger internal controls to prevent such breaches.
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El Banco Co-op fue multado con $2.5M NZ por cargos de préstamos hipotecarios irrazonables.