Today, the Consumer Financial Protection Bureau fined Bank of America $100 million for botching the disbursement of state unemployment benefits at the height of the pandemic. The CFPB said that "Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud." The order requires Bank of America to undertake a process that is estimated to result in hundreds of millions of dollars in redress to consumers. In a separate order, the Office of the Comptroller of the Currency fined the bank $125 million.
Read more about it here.
