Comerica Bank has been battling allegations for years of mishandled fraudulent transactions in violation of U.S. federal banking laws. A series of class-action lawsuits against the bank recently certified by a federal district court judge provide scope into the alleged failings.
In 2008, the Treasury Department selected Comerica as its financial agent to distribute monthly benefit payments to roughly 4.5 million veterans and Social Security recipients through the Direct Express prepaid debit card program. The current agreement between the agency and bank is not set to expire until January 2025.
