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.
2025-09-09T16:51:00Z By Oscar Gonzalez
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.
2025-09-08T14:27:00Z By Adrianne Appel
BNY, Citigroup, Santander, UBS, and two other financial institutions paid a total of $8.3M to settle separate compliance violations with the CFTC.
2025-09-05T18:10:00Z By Aaron Nicodemus
Deutsche Bank has agreed to pay a $3 million fine and has returned $5 million in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.
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