International Finance Bank pays $70,000 fine for alleged deceptive advertising

Miami-based International Finance Bank agreed to pay $70,000 in a civil money penalty after regulators said it engaged in deceptive and unfair acts and practices by understating its available interest rates on its deposit secured loans in advertising materials, including its website and brochures.

The bank agreed to make the payment on April 30, without admitting or denying it violated the law, according to documents released by the Federal Deposit Insurance Corp. on Friday.