Atlantic Union Bankshares to pay $1.2M, refund $5M in fees in CFPB settlement

Atlantic Union Bank, a subsidiary of Atlantic Union Bankshares, announced it has settled an investigation by the Consumer Financial Protection Bureau, or 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 $1.2M and will refund at least $5M in fees to impacted customers. Atlantic Union does not admit to any wrongdoing, past or present, under the settlement. 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.