Bank of America, N.A. and FIA Card Services, N.A.

CFPB has ordered Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. Roughly 1.4 million consumers were affected by Bank of America’s deceptive marketing of their add-on products. Bank of America also illegally charged approximately 1.9 million consumer accounts for credit monitoring and credit reporting services that they were not receiving. Bank of America will pay a $20 million civil money penalty to the CFPB.

Related documents

Order Terminating Consent Order

Consent order

Stipulation  (Bank of America, N.A.)

Stipulation  (FIA Card Services, N.A.)

Press release

CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices