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Bank of America Corp to pay $727 million to consumers over credit card practices-Business Standard
Bank of America Corp:Agreed to pay nearly $800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, US regulators said-Business Standard.The Consumer Financial Protection Bureau and Office of the Comptroller of the currency said they had ordered the bank to pay $727 million in relief to consumers to resolve problems with add-on products providing identity theft and payment protection products.The bank must also pay fines of $20 million to the bureau $25 million to the OCC.Bank of America neither admitted nor denied wrongdoing, the bureau said.
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