Bank of America has been ordered to pay $250 million by the CFPB, $100 million to harmed customers and $90 million in penalties to CFPB and $60 million in penalties Office of the Comptroller of the Currency. This was because Bank of America:
- Systematically double-dipped on fees imposed on customers with insufficient funds in their account
- Withheld reward bonuses explicitly promised to credit card customers
- misappropriated sensitive personal information to open accounts without customer knowledge or authorization
