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Feds order Bank of America to pay $727M to consumers, $45 million in fines
The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay an estimated $727 million to about 2.9 million consumers the bureau says were harmed by practices related to credit card add-on products.
Roughly 1.4 million consumers were affected by Bank of America’s “deceptive marketing of their add-on products,” according to a statement issued by CFBA. According to the bureau, Bank of America “also illegally charged approximately 1.9 million consumer accounts for credit monitoring and credit reporting services that they were not receiving.”
“We have consistently warned companies about illegal practices related to credit card add-on products,” CFPB Director Richard Cordray said in the statement. “Bank of America both deceived consumers and unfairly billed consumers for services not performed. We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market.”
Roughly 1.4 million consumers were affected by Bank of America’s “deceptive marketing of their add-on products,” according to a statement issued by CFBA. According to the bureau, Bank of America “also illegally charged approximately 1.9 million consumer accounts for credit monitoring and credit reporting services that they were not receiving.”
“We have consistently warned companies about illegal practices related to credit card add-on products,” CFPB Director Richard Cordray said in the statement. “Bank of America both deceived consumers and unfairly billed consumers for services not performed. We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market.”
More here: http://wonkynewsnerd.com/feds-order-bankofamerica/
