Atlantic Union Bank Comments on Settlement with the Consumer Financial Protection Bureau
07 Diciembre 2023 - 8:14AM
Business Wire
Atlantic Union Bank (“Atlantic Union”), a subsidiary of Atlantic
Union Bankshares Corporation, announced today it has settled an
investigation by the Consumer Financial Protection Bureau (“CFPB”)
into certain practices of Atlantic Union during the period from
2017 to 2020 relating to its Opt-In Overdraft Privilege
service.
As part of the settlement, Atlantic Union will pay a civil
penalty of $1.2 million and will refund at least $5.0 million in
fees to impacted customers. Atlantic Union does not admit to any
wrongdoing, past or present, under the settlement.
“We respectfully disagree with the CFPB’s conclusions about
these historical practices and take very seriously our obligation
to comply with applicable law. We are, and have always been,
committed to treating our customers fairly and providing them with
the information they need to help them make financial decisions
that work for their lives. Nonetheless, we believe it is in
Atlantic Union’s best interest to settle this matter so we can
continue focusing on providing the products, services, and support
our customers want,” said Atlantic Union Chief Executive Officer
John Asbury.
Atlantic Union, which has branches throughout Virginia, and in
portions of Maryland and North Carolina, has won numerous awards
for its outstanding customer service, including the Forbes 2023
America’s Best Banks award; Newsweek’s America’s Top Banks in
Virginia award; and multiple J.D. Power awards.
Well before today’s settlement, Atlantic Union proactively made
improvements to its overdraft program, including to the Opt-In
Overdraft Privilege service at issue in the settlement. In 2022,
Atlantic Union also reduced or eliminated certain overdraft-related
fees to help reduce the burden of such fees on customers. Among
other changes, it eliminated fees on consumer accounts for items
returned unpaid due to insufficient funds; reduced the number of
overdraft fees that can be charged per day to a single account; and
introduced a “no-overdraft” checking product.
The CFPB’s allegations underlying the settlement relate to the
disclosure and enrollment procedure followed by Atlantic Union when
enrolling customers in Atlantic Union’s Opt-In Overdraft Privilege
service by telephone or in branches during the period from 2017
through portions of 2020.
About Atlantic Union Bankshares Corporation
Headquartered in Richmond, Virginia, Atlantic Union Bankshares
Corporation (NYSE: AUB) is the holding company for Atlantic Union
Bank. Atlantic Union Bank has 109 branches and 123 ATMs located
throughout Virginia, and in portions of Maryland and North Carolina
as of September 30, 2023. Certain non-bank financial service
affiliates of Atlantic Union Bank include: Atlantic Union Equipment
Finance, Inc., which provides equipment financing; Atlantic Union
Financial Consultants, LLC, which provides brokerage services; and
Union Insurance Group, LLC, which offers various lines of insurance
products.
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version on businesswire.com: https://www.businesswire.com/news/home/20231207378053/en/
Beth Shivak, Senior Vice President, Head of Corporate
Communications Beth.Shivak@AtlanticUnionBank.com 804.327.5746 Bill
Cimino, Senior Vice President and Director of Investor Relations
Bill.Cimino@AtlanticUnionBank.com 804.448.0937
Atlantic Union Bankshares (NYSE:AUB)
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