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

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