The OCC has announced consent orders to cease and desist and for a $30 million civil money penalty (CMP) against Bank of America, National Association, and ordered remediation to approximately 73,000 affected customer accounts. The actions regarded violations of law and unsafe or unsound practices in connection with the bank's non-home loan compliance with the Servicemembers Civil Relief Act (SCRA), and unsafe or unsound practices in connection with non-home debt collection litigation practices.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8