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Violation Tracker Individual Record

Company: Bank of America NA
Current Parent CompanyBank of America
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $125,000,000
Year: 2022
Date: July 14, 2022
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: The OCC brought civil money penalty proceedings against Bank of America pursuant to 12 U.S.C. ‚¬Å¡¬Ãƒ€¦¡§ 1818(i), through the issuance of a Notice of Assessment of a Civil Money Penalty, related to: (1) the administration of the Bank's prepaid cards for unemployment benefits, specifically engagement in (i) unsafe or unsound practice(s), including deficiencies in its risk management, operational processes and controls, internal audit, and investigation and resolution of consumer claims of unauthorized transactions; and (ii) unfair and deceptive practices in violation(s) of Section 5 of the Federal Trade Commission Act, 15 U.S.C. ‚¬Å¡¬Ãƒ€¦¡§ 45(a)(1); and (2) engaging in unsafe or unsound practices related to deficiencies in its enterprise-wide complaints risk management framework.
Level of Government: federal
Action Type: agency action
Agency: Office of the Comptroller of the Currency
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
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.