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      • As jobless claims surged during the pandemic, the CFPB said the bank, which administered prepaid jobless benefit debit cards on behalf of 12 states, implemented an automatic fraud filter, which resulted in thousands of cardholders having their accounts improperly frozen.

      Bank of America fined $225 mln for 'botched' disbursement of ...

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  3. www.reuters.com › business › financeBank of America fined $225 mln for 'botched' disbursement of ...

    Jul 14, 2022 · Bank of America has been fined $225 million by a pair of U.S. banking regulators over what they called a "botched" handling of jobless benefits during the pandemic.

  4. www.forbes.com › sites › juliecolemanBank Of America Fined $225 Million Over ‘Botched’ Handling Of ...

    Jul 14, 2022 · Federal banking regulators fined Bank of America on Thursday after finding its fraud filter unlawfully froze customers’ prepaid unemployment insurance benefit accounts, leaving “distressed ...

    • Julie Coleman

  5. www.cbsnews.com › news › bank-of-america-pandemicBank of America is fined $225 million for botching pandemic ...

    Jul 15, 2022 · The Office of the Comptroller of the Currency on Thursday ordered the nation's second-largest bank to pay $125 million and compensate those hurt by unfair and deceptive practices related to a ...

    • Reporter
    • 3 min

  6. www.consumerfinance.gov › about-us › newsroomFederal Regulators Fine Bank of America $225 Million Over ...

    Jul 14, 2022 · The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) have fined Bank of America $225 million for botching the disbursement of state unemployment benefits at the height of the pandemic.

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  8. www.cnbc.com › 2022/07/14 › -bank-of-america-finedBank of America fined $225 million over unemployment benefits ...

    Jul 14, 2022 · Key Points. Federal regulators announced fines totaling $225 million against Bank of America over how it handled disbursing unemployment benefits during the pandemic. The bank had contracts...

    • Leslie Picker

  9. www.nytimes.com › 2022/07/14 › businessBank of America Is Fined $225 Million Over Pandemic Debit ...

    Jul 14, 2022 · Two federal regulators fined Bank of America $225 million on Thursday for mishandling prepaid debit card accounts used by a dozen states to distribute unemployment benefits during the pandemic,...

  10. news.yahoo.com › bank-america-fined-225-millionBank of America fined $225 million for 'botched' disbursement ...

    Jul 14, 2022 · The Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) said the bank had a faulty fraud detection program that improperly froze the prepaid card...