Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


BofA hit with $727 M reimbursement order and CMP

The Consumer Financial Protection Bureau has announced it has ordered Bank of America and its FIA Card Services, N.A. subsidiary to provide relief to consumers harmed by B of A and FIA's practices related to card add-on products. Payments to consumers under the order are estimated to be $727 million. The Bureau has also ordered Bank of America to pay a $20 million civil money penalty. The CFPB found that B of A and FIA employed deceptive marketing of add-on credit insurance products, and illegally charged about 1.9 million consumer accounts for credit monitoring and credit reporting services they were not receiving. According to the Bureau's press release, the bank has already completed major portions of the consumer reimbursements required by the order. The Bureau's efforts followed up on work begun by the OCC, which announced its imposition of a separate $25 million CMP on B of A and FIA. [CFPB Consent Order; OCC Consent Order; OCC Consent Order for CMP]

The CFPB has posted an "Explainer" on its Blog to provide information about who is eligible for compensation under the Bureau's order, and in what amounts.

Filed under: 

Training View All

Penalties View All

Search Top Stories