GP: On Tuesday, the Consumer Financial Protection Bureau (CFPB) announced that Bank of America will be fined and required to compensate customers who had been harmed by the bank’s illegal and deceptive activities.
The Consumer Financial Protection Bureau (CFPB) has demanded that Bank of America pay more than $100 million to its customers for a series of illegal banking practices that include double-charging insufficient funds fees, withholding promised credit card rewards, and unauthorized opening of accounts using sensitive customer data.
In addition to the CFPB’s order, the Office of the Comptroller of the Currency (OCC) has deemed the bank’s double-dipping on fees as “illegal.” Consequently, the bank will be required to pay $90 million in penalties to the CFPB and an additional $60 million to the OCC.
“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.” more
They are just returning taxpayer money they received from the bank bailouts?
I identify as as a wronged Bank Of America customer. Show me the money!
Banked there for a very short time 25 years ago. They have fees for everything so they can give mortgages to illegals.
They have to pay out 250M, but how many Billion did they rip off their customers for?
People should demand way more “reparations” from America hating BofA.
Soooooo … why are they paying the fucking government instead of going to jail?
The “authorities” claims that the BofA’s actions were “illegal” – that’s different from some kind of administrative fuck up, isn’t it?
Some PEOPLE in BofA need to be prosecuted – not hidden behind this regulatory claptrap.
Without a trial it seems like a regulatory shake-down (not that BofA doesn’t deserve it).
I smell BULLSHIT!
mortem tyrannis
izlamo delenda est …
Break them up, and make ALL the Corporate staff and Board of Directors persona non-grata to the banking and finance industries for the rest of their lives. That might get the rest of the industry’s attention. Bank of Anemia (we bleed you dry!) is why I only bank with credit unions now.
Beautiful!
A nice ripe Pineapple for their Asses.
But they’ll do something similar in less than 5 Years.
$2 billion in profits vs. $250 Million fine, sounds like they made a shrewd investment. To BofA it’s the cost of doing business.
I despise the cork soakers. Every time I had any business there they made it damned obvious that I was the wrong color, wrong gender, and wrong sexual orientation. If you’re a straight white male, they’ll treat you like you have shit on your shoes. Same with WFargo, glance around either lobby at the promo posters and literature. Mortgage loans for mixed race queers with adopted asian boys, business loans for young black women, car loans for illegals, and nauseam.
ad gd nauseam
piss off auto correct
Up front disclaimer: I have been conservative for over 70 years! I never voted for lefty GWB! I clearly am biased.
The TEA * Party was created 15 years ago to fight the plutocrat President forcing the taxpayers to bail out his rich, lazy friends at B of A! Aug ’08 to be precise.
The “some are more equal than others’ plutocrat signed TARP Oct ’08 after over 2 months of Congressional fighting and “earmarking”!
Had GWB not given $billions of our taxes to his rich lazy buddies at B of A it would be history.
AS IT SHOULD HAVE BEEN 14 YEARS AGO!
* We used the acronym for TAXED ENOUGH ALREADY! TEA! No coincidence! We knew what we were dong; as did the leftist GWB!
BANK Of BRICS