By Stacy M. Brown
NNPA National Correspondent
Feds: Bank of America Violated Consumer Protection Rules By Double Charging Customers
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July 13, 2023
Federal authorities announced on Tuesday, July 11, that Bank of America violated numerous consumer financial protection rules by double-charging customers, not distributing credit card rewards, and creating fraudulent accounts.
As a result, the Consumer Financial Protection Bureau (CFPB) fined Bank of America $90 million and compelled the institution to pay more than $100 million to customers.
The Office of the Comptroller of the Currency fined Bank of America $60 million.
Some of the accusations are reminiscent of the Wells Fargo debacle from a decade ago, which involved the creation of m...
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