Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Federal Regulator Warns About Rogue Bank 

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

“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.

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...