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