Two US regulators fine Bank of America $225m

Bank of America Tower in New York

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 or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account