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Bank of America will pay more than $100 million to harmed consumers, and $150 million in penalties to CFPB and Office of the Comptroller of the Currency
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for 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 Office of the Comptroller of the Currency (OCC) also found that the bank’s double-dipping on fees was illegal. Bank of America will pay a total of $90 million in penalties to the CFPB and $60 million in penalties to the OCC.
“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.”
Bank of America (NYSE:BAC) is a global, systemically important bank serving 68 million people and small business clients, and has one of the largest coverages in consumer financial services in the country. As of March 31, 2023, the bank had $2.4 trillion in consolidated assets and $1.9 trillion in domestic deposits, which makes it the second- largest bank in the United States.
Bank of America harmed hundreds of thousands of consumers over a period of several years and across multiple product lines and services. Specifically, Bank of America:
This is not the first enforcement action Bank of America has faced for illegal activity in its consumer business. In 2014, the CFPB ordered Bank of America to pay $727 million in redress to its victims for illegal credit card practices. In May 2022, the CFPB ordered Bank of America to pay a $10 million civil penalty over unlawful garnishments and, later in 2022, the CFPB and OCC fined Bank of America $225 million and required it to pay hundreds of millions of dollars in redress to consumers for botched disbursement of state unemployment benefits at the height of the COVID-19 pandemic.
Under the Consumer Financial Protection Act, the CFPB has the authority to take action against institutions violating consumer financial protection laws. Bank of America’s practices violated the Act’s prohibition on unfair and deceptive acts or practices. Bank of America also violated the Fair Credit Reporting Act by using or obtaining consumer reports without a permissible purpose in connection with unauthorized credit cards, as well as the Truth in Lending Act and its implementing Regulation Z, by issuing credit cards to consumers without their knowledge or consent.
The CFPB’s orders require Bank of America to:
Read today’s order against Bank of America for its unauthorized credit card accounts, false promises on credit card rewards, and using customers’ credit reports without permission.
Read today’s CFPB order against Bank of America for its double-dipping fee scheme.
Read more about the CFPB’s work to protect consumers from junk fees.
Consumers can submit complaints about financial products and services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).
Employees who believe their companies have violated federal consumer financial protection laws are encouraged to send information about what they know to whistleblower@cfpb.gov. To learn more about reporting potential industry misconduct, visit the CFPB’s website.

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The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.
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