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Bank of America Fined $30 Million for Violating Consumer Rights

The Office of the Comptroller of Currency (OCC) has announced that Bank of America (BofA) has received a civil penalty in the amount of $30 million for its violations of consumer protections when it was taking collection efforts against military customers.

BofA is the second largest bank in the United States. The financial giant has also to refund the excess interest payments and fees to customers that improperly paid them. Approximately 73,000 accounts of U.S. military members were impacted.

According to the regulators, BofA acted illegally from 2006 to the present by taking legal action against military customers for past due credit card accounts and overdrafts. Examples of the improper conduct by BofA include:

  • When BofA filed a collection lawsuit against the customers, its employees executed documents claiming they had personal knowledge of the allegations in the legal action when they didn’t
  • Certain court documents were filed by BofA’s employees without being properly notarized
  • BofA did not have implement appropriate policies and procedures to ensure it was complying with the Servicemembers Civil Relief Act, which provides special protection for members of the military

The OCC has confirmed that BofA is taking corrective steps. Bank of America Corp. has also stated that it will work to improve its adherence with the law. Pursuant to the consent order with the OCC, a compliance committee will be created by BofA to supervise how the bank complies with the law.

“We have taken significant steps over the last several years, and will take further steps now, to ensure we have the right controls and processes in place to meet — and exceed — what is required by law and what our military customers deserve and expect,” Andrew Plepler, the bank’s executive in charge of social responsibility and consumer policy, said in a statement.

Whether you owe the debt or not, you deserve to be treated with respect and fairness. Contact our California Debtor Protection Law Firm with your questions, comments, and concerns, or for a free consultation. Speak to a CA credit card lawsuit and collection harassment lawyer at our firm today.

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