In the agency’s first enforcement action with Kathy Kraninger in the director’s chair, the Consumer Financial Protection Bureau reached a settlement with USAA Federal Savings Bank over its alleged failure to honor consumer requests to stop payment on preauthorized electronic fund transfers and unauthorized reopening of closed deposit accounts.
The bureau cited the company for violations of the Electronic Fund Transfer Act (EFTA) and the Consumer Financial Protection Act’s prohibition against unfair, deceptive or abusive acts or practices.
Find out more details about the consent order.