Federal regulators hit Bank of America with a $250 million penalty for opening credit-card accounts in customers’ names without their consent and double-charging fees. The Consumer Financial Protection Bureau said the bank opened credit-card accounts without permission from customers using credit reports it obtained illegally. The penalty includes $100 million for harmed customers, $90 million for the CFPB and $60 million for the OCC. Chopra, who was appointed to run the CFPB by President Biden, has publicly pushed banks to scale back overdraft fees and other charges. Last year, Bank of America reduced its overdraft fees to $10 and eliminated all non-sufficient fund fees, a bank spokesman said.

Source: Wall Street Journal July 11, 2023 20:54 UTC