Federal regulators revealed on Tuesday that Bank of America, one of the largest financial institutions in the United States with a customer base of 68 million individuals and small businesses, has engaged in activities detrimental to its customers.
These activities include imposing duplicate fees, withholding rewards from credit card holders, and creating fraudulent accounts, all of which are in violation of various consumer financial protection laws.
In response, the Consumer Financial Protection Bureau has directed Bank of America (BAC) to compensate affected customers with an amount exceeding $100 million and pay $90 million in penalties. Additionally, the Office of the Comptroller of the Currency has levied fines totaling $60 million against Bank of America (BAC).
