Violation Tracker Individual Record

Company: 
Bank of America, N.A.
Current Parent Company: 
Bank of America
Penalty: 
$747,000,000
Primary Offense: 
consumer protection violation
Secondary Offense: 
banking violation
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.

Year: 
2014
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.