CFPB v. Atlantic Union Bank

Atlantic Union Bank allegedly violated Regulation E because, as part of its in-branch, checking account-opening process, its employees requested that new customers orally provide their enrollment decision before providing them with an adequate written notice describing the overdraft service. The Bureau also found that Atlantic Union Bank engaged in unlawful deception in violation of the Consumer Financial Protection Act of 2010 by misleading consumers who called in by phone and enrolled in its Opt-In Overdraft Privilege service; the bank misrepresented which transactions the service covered and omitted material information about the terms and conditions of the service. The Bank’s actions with respect to consumers who called and opted in by phone also violated Regulation E, according to CFPB

Summary generated from official Consumer Financial Protection Bureau press release