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The Consumer Financial Protection Bureau (CFPB) took action Thursday against Atlantic Union Bank for enrolling thousands of customers in overdraft programs covered by the Electronic Fund Transfer Act without the proper consent. The consent order covered both in-person consumers and consumers who opened accounts by phone.
The CFPB is ordering Atlantic Union to refund at least $5 million in illegal overdraft fees and pay a $1.2 million penalty to the CFPB’s victims relief fund.
Specifically, the CFPB claims the bank violated federal law by: