USAA Federal Savings Bank will pay over $15 million in restitution and fines to settle claims by the Consumer Financial Protection Bureau (CFPB) that the bank neglected stop-payment requests and reopened deposit accounts without customers' consent, American Banker reported. The CFPB's consent order, announced yesterday, alleged the bank refused to investigate when customers asserted that funds had been debited in error. The agency specifically singled out USAA's process for responding to disputed payday loan transfers as a source of the bank's faulty practices. The CFPB said USAA also engaged in unfair acts or practices from 2011 to 2016 by reopening closed consumer deposit accounts in certain circumstances without providing timely notice.
