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Effective Date: Consumer Financial Protection Circular 2023-02

Consumer Financial Protection Circular 2023-02

Reopening deposit accounts that consumers previously closed

May 10, 2023

Question presented

After consumers have closed deposit accounts, if a financial institution unilaterally reopens those accounts to process a debit (i.e, withdrawal, ACH transaction, check) or deposit, can it constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA)?

https://files.consumerfinance.gov/f/documents/cfpb_reopening-deposit-accounts-that-consumers-previously-closed_2023-05.pdf

  • May 10, 2023
  • Time: All Day