A company charged with improper practices related to its marketing and sale of overdraft services recently agreed to pay $30 million in consumer redress and penalties to settle lawsuits filed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Currency of the Currency (OCC).
In a 2017 lawsuit, the bureau asserted that the bank purposely constructed a deceptive overdraft opt-in policy to avoid losing an estimated $182 million each year because new overdraft opt-in requirements under the Dodd-Frank Act. The company disputed the claim.
Find out more about the settlement and the proceedings leading up to it.