![]() ![]() Last year it was ordered to pay a $10 million civil penalty over unlawful garnishments. ![]() In 2014 the CFPB ordered Bank of America to pay $727 million for illegal credit card practices. It is a similar to, but smaller than, a charge that was made against Wells Fargo, which paid billions in fines after it was determined that the San Francisco bank opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. The CFPB also found that, since at least 2012, Bank of America employees illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorization. Bank of America also offered people cash rewards and bonus points when signing up for a card, but the CFPB said the bank illegally withheld promised credit card account bonuses. ![]()
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