By Jeff Dale2023-07-11T18:01:00
Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau (CFPB) and Treasury Department’s Office of the Comptroller of the Currency (OCC) over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.
Bank of America will pay approximately $80.4 million in consumer redress, $60 million to the CFPB for charging junk fees, $30 million to the CFPB for withholding rewards and opening unauthorized accounts, and another $60 million to the OCC regarding its double-dipping fee practices, the CFPB announced in a press release Tuesday.
The bank previously paid about $23 million to consumers who were denied rewards bonuses, the CFPB said.
2023-11-29T20:19:00Z By Aaron Nicodemus
Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
2023-09-05T19:37:00Z By Jeff Dale
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
2023-07-26T18:40:00Z By Jeff Dale
American Express National Bank agreed to pay a $15 million penalty levied by the Office of the Comptroller of the Currency for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
2025-09-10T22:24:00Z By Adrianne Appel
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
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