USAA Federal Savings Bank agreed to pay $15.5 million for failing to stop automatic payments at customer requests and reopening closed accounts without authorization in Consumer Financial Protection Bureau Director’s Kathy Kraninger’s first enforcement action.
The San Antonio-based bank, which focuses on serving active duty and retired military customers, also allegedly did not sufficiently investigate payment errors reported by customers, the CFPB said in a consent order released Jan. 3. Under the settlement, USAA agreed to pay $12.5 million in...
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(This story was updated with more information on USAA's conduct and comments from the bank. )