Bank of America has agreed to pay an estimated $727 million in restitution to 1.4 million consumers the Consumer Financial Protection Bureau says were harmed by its deceptive marketing of credit card add-on products. The bank will also pay $20 million to the CFPB’s Civil Penalty Fund.
The CFPB’s investigation into Bank of America’s payment protection products builds upon work started by the Office of the Comptroller of the Currency regarding unfair billing practices for identity protection products. The OCC is separately ordering the bank to pay $25 million in civil penalties.
