Skip to content
Wellesley Hills Financial
  • Home
  • Services
    • Strategic Advisory
    • Transaction Advisory Services
      • Targeted M&A
      • Defensive M&A Services
      • Capital Raising
      • Restructuring
    • Domain Expertise
      • AML
      • Blockchain & Crypto
      • Capital Markets Tech
      • E-Commerce
      • Embedded Finance
      • IDV / KYB / Biometrics
      • Open Banking/Finance
      • Payments Analytics
      • PropTech
      • Specialty Finance / LendTech
      • WealthTech
    • Valuations/409As
  • About Us
  • Transactions
  • Insights
    • Press
    • Resources
      • Featured Articles
      • Market Movements & COTW
  • Contact
  • Toggle website search
Search this website
  • Home
  • Services
    • Strategic Advisory
    • Transaction Advisory Services
      • Targeted M&A
      • Defensive M&A Services
      • Capital Raising
      • Restructuring
    • Domain Expertise
      • AML
      • Blockchain & Crypto
      • Capital Markets Tech
      • E-Commerce
      • Embedded Finance
      • IDV / KYB / Biometrics
      • Open Banking/Finance
      • Payments Analytics
      • PropTech
      • Specialty Finance / LendTech
      • WealthTech
    • Valuations/409As
  • About Us
  • Transactions
  • Insights
    • Press
    • Resources
      • Featured Articles
      • Market Movements & COTW
  • Contact

Bank of America Racks Up $225 Million In Fines From The OCC And CFPB

Bank of America Racks Up $225 Million In Fines From The OCC And CFPB
  • July 20, 2022
  • Fraud / Risk Management, Insights

Bank of America got slapped by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), earning fines of $125 million and $100 million, respectively, from the two organizations. The bank’s Unemployment Benefits Prepaid Card Program received OCC penalties for “violations of law and unsafe or unsound operations.” The OCC found flaws in the operating procedures, risk management, and internal controls of the prepaid card program. The CFPB completed an enforcement action against Bank of America for filing unauthorized, out-of-state garnishment orders against its customers’ bank accounts, and failing to adequately investigate and address consumer complaints of unauthorized transactions. Bank of America must now make amends to customers harmed by its practices as well as enhance its internal controls for contract review and approval procedures, and enterprise-wide complaint risk management.

Bank of America Racks Up $225 Million In Fines From The OCC And CFPB

SEE MORE INSIGHTS
Wellesley Hills Financial

1087 Beacon Street, Ste. 303
Newton, MA 02459
Phone: + 1 617-465-2425 

Twitter X
LinkedIn

Securities transactions introduced through Wellesley Hills Securities, member SIPC/FINRA

Privacy Policy | Terms + Conditions

Copyright 2024 – Wellesley Hills Financial

MARKET INSIGHTS NEWSLETTER

Breaking industry news delivered to your inbox each week.

Market Insights Newsletter

Industry-specific market commentary, analysis, and research delivered weekly.