Announcement
For Immediate Release
Posted:
July 11, 2023
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CFPB takes action against Bank of America for illegally charging junk fees, withholding credit card rewards and opening fake accounts
Bank of America will pay more than $100 million to consumers that were harmed and $150 million in penalties to the Consumer Financial Protection Bureau and the Comptroller of the Currency. The CFPB ruled that Bank of America double-dipped on fees, withheld reward bonuses on credit cards and misappropriated personal information. Read the full press release here.