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

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 milli...