A consent order issued in 2019 with SunTrust Bank (Atlanta) over unfair and deceptive practices as the bank prepared for a merger with BB&T Corporation (Winston-Salem, N.C.) was terminated Thursday by the Federal Reserve Board, the Fed announced.
The 2019 order was issued the same day that the Fed said it had approved SunTrust’s merger with BB&T to create a newly named Truist Bank (Charlotte, N.C.) that would operate under the BB&T charter. The order cited SunTrust for violations related to the operation and billing for certain add-on products between 2013 and 2017, noting also that SunTrust had previously terminated the unfair and deceptive practices and had repaid some $8.8 million in fees to customers.
The Fed conditioned its merger approval on, among other things, BB&T’s divestment of 30 branches and more than $2.4 billion in deposits to mitigate the merger’s competitive effects. The Fed noted also that BB&T committed that Truist Bank would comply with the enforcement action naming SunTrust, including implementing procedures to verify the refunds and providing additional refunds, if required.