“Bank of America failed to live up to its legal obligations. “Taxpayers relied on banks to distribute needed funds to families and small businesses to rescue the economy from collapse when the pandemic hit,” said CFPB Director Rohit Chopra. In a separate order, the Office of the Comptroller of the Currency (OCC) is also fining the bank $125 million. Today’s order requires Bank of America to undertake a process that is estimated to result in hundreds of millions of dollars in redress to consumers. Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud. – Today, the Consumer Financial Protection Bureau (CFPB) fined Bank of America $100 million for botching the disbursement of state unemployment benefits at the height of the pandemic.
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