The Consumer Financial Protection Bureau ordered Bank of America to refund customers $100 million and pay $150 million in penalties. See potential bias and similarities in coverage from Newsweek, AP, and FoxBusiness:
The Consumer Financial Protection Bureau announced Tuesday that it ordered Bank of America to refund $100 million to customers and pay $150 million in fines. , the fines are in response to Bank of America “systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.
” The press release quoted CFPB Director Rohit Chopra stating, “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.” According to a statement sent to outlets across the spectrum, the bank no longer charges fees cited in the CFPB report, stating, “We voluntarily reduced overdraft fees and eliminated all nonsufficient fund fees in the first half of 2022.
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