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Violation Tracker Individual Record

Company: Bank of America
Current Parent Company: Bank of America
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $100,000,000
Year: 2022
Date: July 14, 2022
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: consumer protection violation
Violation Description: The Consumer Financial Protection Bureau fined Bank of America $100 million for botching the disbursement of state unemployment benefits at the height of the pandemic. 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.
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.