'CFPB Takes Action Against Bank Of America Ordering Co To Pay More Than $100M For Illegally Charging Junk Fees, Withholding Credit Card Rewards, And Opening Fake Accounts' - Consumer Finance
Portfolio Pulse from Happy Mohamed
The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America (NYSE:BAC) to pay over $100 million for illegal practices including charging junk fees, withholding credit card rewards, and opening unauthorized accounts. The bank will pay $90 million in penalties to the CFPB and $60 million to the Office of the Comptroller of the Currency (OCC). This is not the first time Bank of America has faced such enforcement action.
July 11, 2023 | 1:00 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Bank of America has been ordered to pay over $100 million for illegal practices. This could negatively impact the bank's reputation and financial performance in the short term.
The news of Bank of America being ordered to pay over $100 million for illegal practices is directly related to the bank and is of high importance. This could lead to a loss of trust among customers and potential legal implications, which could negatively impact the bank's stock price in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100