Answer:
In one enforcement case, the bank's third party vendor processed unauthorized remotely created checks. Because the bank should have recognized the fraud and it failed to act, the bank was hit with a UDAAP action. This included restitution ordered of $125 million. And in Dec. 2022, a $1.7 billion CMP along with $2 billion in redress was ordered for one bank, fined for alleged unlawful conduct on automobile loans where it incorrectly applied payments, charged improper fees and interest, and illegally repossessed vehicles. Other cases involve credit cards and a $6 million restitution and reserve settlement, another was $4 million. The list goes on.
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Learn more about Andy Zavoina’s Managing UDA(A)P and Complaints to Mitigate Risk webinar.
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