- Associated Press - Saturday, April 26, 2014

OMAHA, Neb. (AP) - More than three years after agreeing to pay nearly $10.4 million for charging improper fees, the credit-card bank operated by outdoor retailer Cabela's has been fined $1 million by banking regulators and ordered to pay cardholders restitution for deceptive and unfair acts.

The Federal Deposit Insurance Corp. posted an enforcement order to its website Friday showing that Lincoln-based World’s Foremost Bank agreed to the sanctions, but did not admit or deny the violations. The bank is the credit-card arm of Sidney, Neb.-based Cabela's.

“We at World’s Foremost Bank recognize we are operating in a dynamic and evolving regulatory environment and it is our responsibility to meet these expectations,” bank CEO Sean Baker said in a written statement. “As such, we immediately addressed the FDIC’s concerns and remain committed to providing legendary customer service to our cardholders, as we have throughout our history.”

In March 2011, Cabela's agreed to pay nearly $10.4 million and reform its credit card practices as part of a settlement with the FDIC over assessing improper fees and other customer issues.

In the order released Friday, the FDIC said World’s Foremost Bank must refund certain interest charges to cardholders and to repay others for credit card add-on services, such as identity-theft protection.

The restitution will include:

- Refunds of all interest paid before the end of a 12-month interest-free period for cardholders who participated in zero-percent interest promotions.

- Refunds of premiums paid for LifeLock identity-theft protection by the 905 cardholders enrolled at the Fort Worth, Texas, Cabela's store between October and December 2012. The bank must also inform customers that enrollment in LifeLock is not a requirement for having a Cabela's Club Visa card.

- Provide points redeemable for merchandise to cardholders whose credit-card bills were covered by a plan that pays outstanding amounts when the customer cannot.