Atlantic Union Bank fined $6.2 million by CFPB for illegal overdraft fee harvesting
The Consumer Financial Protection Bureau fined Atlantic Union Bank $6.2 million after it found the bank illegally enrolled thousands of customers in checking account overdraft programs, the regulator said Thursday.
"Atlantic Union Bank harvested millions of dollars in overdraft fees through a host of illegal practices," said CFPB Director Rohit Chopra, in a statement. "Americans are fed up with junk fee scams and the CFPB will continue its work to ensure families are treated fairly."
Atlantic Union Bank, is a subsidiary of Atlantic Union Bankshares Corp. (AUB)
"We respectfully disagree with the CFPB's conclusions about these historical practices and take very seriously our obligation to comply with applicable law," said Atlantic Union CEO John Asbury, in a press release.
"Nonetheless, we believe it is in Atlantic Union's best interest to settle this matter so we can continue focusing on providing the products, services, and support our customers want," he added.
-Chris Matthews
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
12-07-23 0923ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
Nvidia Earnings: AI Demand Smashes Expectations Again
-
After Earnings, Is Walmart Stock a Buy, a Sell, or Fairly Valued?
-
Target Earnings: Margins Hold Up, but Top Line Constrained by Weak Discretionary Spending
-
Is Berkshire Hathaway’s Mystery Stock a Buy?
-
After Earnings, Is Uber Stock a Buy, a Sell, or Fairly Valued?
-
Lowe’s Earnings: Tumultuous Macro Weighs on Near-Term Results but Fails to Sway Our Long-Term View
-
Macy’s Earnings: Plan Taking Shape Despite Tough Environment
-
JPMorgan Investor Day: CEO Dimon Pushes Against More Stock Buybacks at Current Prices