A federal banking regulator has issued a warning about an entity in Florida that claims to be a national bank but is not.
On its website — which has been pulled down — The Faith National Bank says it is a depository institution that is part of Faith Financial Group.
The business claims that its office is located in Orlando, Florida, while its website address is listed as MyFaithBank.com.
“A revolutionary banking service that helps you to spend, to save and live smarter and to establish and rebuild your credit,” the website states. “Get instant insights on your spending and improve your financial health with our educational tools.”
Among the many services touted are home loans, debit and credit cards, and student banking.
The Faith Financial Group says it is a private company with a limited number of investors, and it is open to investors seeking a sizable investment and strategic partners that want a piece of the company.
A trademark filing lists Wendell Shar Phillips as an employee and Christopher Bishop as the owner.
“With Faith National Bank, you get a stylish Faith National Bank Master Card, no surprise fees and powerful budgeting and savings tools built right into your account all accessible via web, iPhone and Android,” the website says.
But an alert issued Friday by the Office of the Comptroller of the Currency says that the entity is not approved to offer banking services.
“Faith National Bank is not authorized by the OCC pursuant to federal law to conduct business as a national bank,” OCC Alert 2015-13 states. “It is a violation of federal criminal law, 18 USC 709, for any corporation or person acting on behalf of a corporation to operate as a national bank without authorization. All national banks are chartered and regulated by the OCC, a bureau of the U.S. Department of the Treasury.”
A notice from the American Bankers Association indicates that the website falsely includes
a number of individuals allegedly associated with the bank as staff or board members, many who are otherwise affiliated with legitimate banking organizations.
A call to a telephone number associated with Faith National Bank was redirected to Bartolone Legal Group. But an individual at the law firm claimed to have no knowledge of Faith National Bank.
