The CFPB recently issued a consent order regarding M&T Bank’s advertising and disclosures for what were portrayed as “Free Checking”. The CFPB took the position that the advertising and disclosures were deceptive as they failed to adequately describe the potential fees associated with the account.
Under the terms of the settlement, M&T Bank will pay $2.9 million to refund the approximately 59,000 customers accounts that were charged account fees in addition to $200,000 in fines by the CFPB. M&T did not admit nor deny the allegations in the Consent Order.
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