CFPB Warns Financial Institutions That Unilaterally Reopening Customer Accounts May Risk Violating UDAAP
MAY 19, 2023
If a financial institution unilaterally reopens a closed deposit account to process a transaction, does that constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA)? This situation may arise after a customer completes all the necessary steps to close an account.
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