"This announcement resolves the open 2010 FDIC
compliance examination of The Bancorp Bank and Higher
One. We have already voluntarily incorporated or are
in the process of incorporating the FDIC suggested
improvements to our policies for compliance
management systems, past overdraft charging of
persistently delinquent accounts, collections, and
transaction error resolution.
With respect to the restitution, we voluntarily
credited account holders in December of 2011 pursuant
to our voluntary customer credit plan -- which
impacted less than two percent of our customers. We
believe the relatively low civil money penalty
imposed reflects how seriously we take our commitment
to our customers, the degree of the issue, and our
level of cooperation with the FDIC."