Consumer Financial Protection Circular 2023-02: Reopening Deposit Accounts That Consumers Previously Closed, 88 Fed. Reg. 33,545 (May 24, 2023)

Withdrawn by 90 Fed. Reg. 20,084 (May 12, 2025).  See NCLC, Continued Vitality of 67 Withdrawn CFPB Guidance Documents (May 13, 2025) (updated May 27, 2025).

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)?’’