Two US regulators fine Bank of America $225m
US federal regulators have fined Bank of America $225 million for mishandling the administration of relief programmes during the Covid-19 pandemic.
Officials charged the bank with instituting inappropriate fraud controls and an ineffective customer-appeals process, violating a federal trade law.
The Office of the Comptroller of the Currency fined the bank $125 million, and the Consumer Financial Protection Bureau imposed another $100 million penalty. The regulators also ordered BoA to
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Banking
FDIC to review sexual misconduct and discrimination allegations
Agency promises ‘independent review’ as chair faces charges of improper behaviour
RBNZ to ban foreign bank branches from retail deposits
Central bank plans to change regulatory policy for branches of overseas banks in 2028
China vows long-term strategy to resolve local debt risks
Officials stress need to strengthen Communist party control over China’s financial sector
Former executives of troubled lender wanted by Vietnam police
Central bank is looking for investors to acquire failed Saigon Commercial Bank
US regulators issue new climate guidance, despite opposition
Governors Waller and Bowman voice strong disapproval
Carstens: Regulatory performance during banking crises was ‘mixed’
BIS general manager emphasises role of supervision in preventing bank failure
Ring-fencing protects retail banks, but lowers total equity value
BoE research finds concentrating risks in one group of banks depresses asset prices
FCA fines former Barclays CEO and bans him from senior roles
UK regulator says Staley lied about relationship with Jeffrey Epstein