BoA pays fine, will reform practices, after OCC finds violations of servicemembers’ rights

Under a consent order between the Office of the Comptroller of the Currency (OCC) and Bank of America, BoA will pay a $30 million fine and increase oversight of servicemembers' accounts to prevent further violations of the Servicemembers Civil Relief Act.

Among the violations found by the OCC here were improper debt collection procedures using affidavits not based on personal knowledge. The violations affected 73,000 servicemembers, according to the OCC (BoA did not admit to the findings as part of the consent order).

You can read more details from the NYT here.

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