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Violation Tracker Individual Record

Company: Bank of America, N.A.
Current Parent Company: Bank of America
Penalty: $747,000,000
Year: 2014
Date: April 9, 2014
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: banking violation
Mega-Scandal: Credit Card Issuer Abuses
Violation Description: The Consumer Financial Protection Bureau ordered Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. Bank of America was also accused of illegally charging approximately 1.9 million consumer accounts for credit monitoring and credit reporting services that they were not receiving. Bank of America was required to pay a $20 million civil money penalty to the CFPB.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.