US regulators fine Bank of America $150 million
BoA pays out nine-figure penalties for consumer malpractice for second year in a row
Two US regulators imposed $150 million in fines and another $80 million in compensation payments on Bank of America for mistreating customers on July 11.
The Office of the Comptroller of the Currency fined BoA $60 million, while the Consumer Financial Protection Bureau (CFPB) ordered the lender to pay $90 million.
Both agencies found that BoA had charged multiple $35 fees for transactions refused due to insufficient funds or overdrafts. Vendors may resubmit charges more than once, but the
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