Bank
Ocean Wave BankInformation and Alerts
Alert Details
This business has 2 alerts.
Government Actions
Dept. of Insurance & Financial Services vs. Ocean Wave
The following describes an action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On July 18, 2023, the Michigan Department of Insurance and Financial Services (DIFS) issued a Final Order revoking the banking license of Ocean Wave Bank. As part of DIFS Order, Ocean Wave must cease and desist operating its website, conducting any business as Ocean Wave Bank, and committing any acts in violation of the Michigan Banking Code and the Money Transmission Services Act.
The Order alleges Ocean Wave Bank operated as a bank without authorization and did not hold the license required to provide money transmission services in the State of Michigan. Click here to read DIFS Final Order. Case# 23-1086-B
Licensing
On 07/19/2023 the Michigan Department of Insurance & Financial Services (DIFS) revoked the license of Ocean Wave Bank. BBB encourages you to contact the following agency or agencies to confirm this information: - https://www.michigan.gov/difs - 877-999-6442
Service Area
- 49806
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