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Stock Market News

Bank of America fined $225 million for ‘botched’ disbursement of jobless benefits during pandemic

07/14/2022

Less than a minute

2022.07.14 22:04

Bank of America fined $225 million for 'botched' disbursement of jobless benefits during pandemic

Budrigannews.com – Bank of America (NYSE:BAC) has been fined $225 million by a pair of U.S. banking regulators over what they called a “botched” handling of jobless benefits during the pandemic.

The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said the bank had a faulty fraud detection program that improperly froze accounts of thousands of people seeking jobless benefits in 2020 and 2021.

07/14/2022

Less than a minute