On Tuesday, the Consumer Financial Protection Bureau (CFPB) announced that Bank of America will be fined and required to compensate customers who had been harmed by the bank’s illegal and deceptive activities.
The Consumer Financial Protection Bureau (CFPB) has demanded that Bank of America pay more than $100 million to its customers for a series of illegal banking practices that include double-charging insufficient funds fees, withholding promised credit card rewards, and unauthorized opening of accounts using sensitive customer data.
In addition to the CFPB’s order, the Office of the Comptroller of the Currency (OCC) has deemed the bank’s double-dipping on fees as “illegal.” Consequently, the bank will be required to pay $90 million in penalties to the CFPB and an additional $60 million to the OCC.
