Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Bank of America
Current Parent Company: Bank of America
Penalty: $90,000,000
Year: 2023
Date: July 11, 2023
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: credit card violation
Mega-Scandal: Overdraft Fees
Violation Description: The Consumer Financial Protection Bureau ordered Bank of America to pay $90 million in penalties for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization. A related enforcement action was also brought by the Office of the Comptroller of the Currency (see separate entry).
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.