The CFPB will be putting an end to these practices across the banking system.” “These practices are illegal and undermine customer trust. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement.
Some of the charges are reminiscent of the Wells Fargo scandal last decade that involved opening millions of bank accounts without customer authorization. The bank is the second largest in the United States, serving 68 million individuals and small businesses. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. Federal regulators said Tuesday they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws.Īs a result, the Consumer Financial Protection Bureau ordered Bank of America
