These M&T and People’s United conversion failures may have violated consumer and financial compliance laws and regulations and further investigation into the matter will bring further clarity to the situation to help ensure future and continued compliance. We are profoundly troubled that this acquisition lacked sufficient coordination and resulted in complications for many individuals and businesses accessing their accounts and their funds.
Additionally, all customers who were unable to access their funds during the conversion should receive some appropriate financial remuneration for the inconvenience, as well as an apology. We write to request that M&T Bank commit to financially compensate all customers who incurred fees as a result of missed credit card, utility, or other payments, due to M&T Bank’s mishandling of the acquisition of People’s United Bank.
M AND T BANK FULL
M&T has bank locations in Connecticut, Massachusetts, and Vermont.Ī full copy of the letter can be found below. Joining Sentor Markey in signing the letter led by Senator Blumenthal are Senators Patrick Leahy (D-Vt.), Bernie Sanders (I-Vt.), and Elizabeth Warren (D-Mass.). Last week, the failed management of the conversion and lack of access to customer support for individuals and businesses has led Blumenthal to call on the Federal Reserve and CFBP to investigate this issue. Under the terms of the acquisition, M&T committed to having 1,000 employees in Bridgeport. The Federal Reserve approved M&T Bank’s acquisition of Bridgeport-based People’s United Financial, Inc. “It is imperative that M&T act swiftly to comply with all laws, regulations, and regulatory expectations relied on during the acquisition approval process and that all customers be fairly compensated if they were negatively impacted as a result of M&T’s mishandling of the merger with People’s United Bank,” the Senators write. The Senators’ express deep concern about these issues and urge M&T to quickly resolve the complications. Since the conversion at the beginning of September, new M&T customers have complained that they are not able to access their accounts, have endured long wait times and delays in payment processing, and did not receive adequate customer support. “Additionally, all customers who were unable to access their funds during the conversion should receive some appropriate financial remuneration for the inconvenience, as well as an apology.” “We write to request that M&T Bank commit to financially compensate all customers who incurred fees as a result of missed credit card, utility, or other payments, due to M&T Bank’s mishandling of the acquisition of People’s United Bank,” the Senators wrote. Markey (D-Mass.) today joined his colleagues led by Senator Richard Blumenthal (D-Conn.) in sending a letter to M&T Bank urging the company to financially compensate customers who were affected by conversion failures during the transition of People’s United Bank accounts to M&T accounts. © 2023 The Buffalo Bills.Washington (September 23, 2022) - Senator Edward J.
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