trending Market Intelligence /marketintelligence/en/news-insights/trending/unrgvsoim-mt4vl2qjsoxg2 content esgSubNav
In This List

BBVA sued over phone collection practices, overdrafts

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


BBVA sued over phone collection practices, overdrafts

BBVA Compass Bancshares Inc. is facing four new lawsuits, the company disclosed in its annual 10-K filing, including three that could become class actions. The company said it intends to defend itself "vigorously" against all four of the claims.

The Houston-based company, a unit of Banco Bilbao Vizcaya Argentaria SA, was sued in September 2017 over alleged violations of the Telephone Consumer Protection Act. Plaintiffs claimed in an Illinois federal court that they did not provide their cell phone numbers to BBVA yet received collections calls on their cell phones.

Another lawsuit, filed in a New York federal court by Stabilis Fund II LLC in November 2017, alleges BBVA "fraudulently induced the plaintiff to purchase a loan that subsequently became the subject of litigation," the bank's annual filing said.

The company was also listed in two separate lawsuits in January. One, filed in federal court in Illinois, challenges overdraft fees that BBVA assessed. The other alleges BBVA "improperly assesses default rate interest" on home equity lines of credit "prior to default and without prior notice."