The Federal Reserve has freed SunTrust Bank from a November 2019 consent order it handed down before approving the bank’s sale to BB&T in the deal that created Truist Financial.
SunTrust was hit with the order due to unfair and deceptive practices tied to “misleading or inaccurate statements” it made between 2013 and 2017 about the operation and billing for certain add-on products. The Fed noted that SunTrust had already ended those practices and has repaid about $8.8 million in fees to customers.
BB&T committed at the time to comply with the enforcement action, including implementing procedures to verify the refunds and providing additional refunds, if required.
BB&T completed the $28 billion SunTrust acquisition in December 2019.