The Consumer Financial Protection Bureau (CFPB) has settled with a federal savings association accused of failing to properly honor customers’ stop payment requests on preauthorized electronic transfers.
San Antonio, Texas-based USAA Federal Savings Bank has agreed to pay $12 million in restitution to customers who were denied a reasonable error resolution investigation and pay a $3.5 million civil money penalty.
Read on for details from the consent order, the first enforcement signed by new CFPB Director Kathy Kraninger.
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