Consumer Financial Protection Circular 2023-02: Reopening Deposit Accounts That Consumers Previously Closed

Document 2023-10982 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on May 24, 2023. The Consumer Financial Protection Bureau (CFPB) has issued Consumer Financial Protection Circular 2023-02, titled, "Reopening Deposit Accounts That Consumers Previously Closed." In this circular, the CFPB responds to the question, "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)?" View the original at https://www.federalregister.gov/documents/2023/05/24/2023-10982/consumer-financial-protection-circular-2023-02-reopening-deposit-accounts-that-consumers-previously.

No. Document 2023-10982 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.