Feds: Bank of America Violated Consumer Protection Rules By Double Charging Customers
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...