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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.
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Jul 14, 2022 · WASHINGTON, July 14 (Reuters) - Bank of America (BAC.N) has been fined $225 million by a pair of U.S. banking regulators over what they called a "botched" handling of jobless benefits...
Jul 14, 2022 · Topline. Federal banking regulators fined Bank of America on Thursday after finding its fraud filter unlawfully froze customers’ prepaid unemployment insurance benefit accounts, leaving...
- Julie Coleman
Jul 14, 2022 · WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) fined Bank of America $100 million for botching the disbursement of state unemployment benefits at the height of the pandemic. Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little ...
Jul 15, 2022 · By Kate Gibson. July 15, 2022 / 1:46 PM EDT / MoneyWatch. Regulators are fining Bank of America $225 million for bungling the distribution of unemployment benefits amid the pandemic, and...
- Reporter
- 3 min
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
Jul 14, 2022 · By Pete Schroeder and Elizabeth Dilts Marshall. WASHINGTON (Reuters) -Bank of America has been fined $225 million by a pair of U.S. banking regulators over what they called a "botched" handling...
Jul 15, 2022 · AP - AP. Bank of America is being fined over $200 million for the poor handling of unemployment benefits during the pandemic. In late 2020 and through mid-2021, the company installed a...
