CFPB and OCC Hit Bank of America with $250 Million Penalty for Consumer Abuse Practices

Bank of America joins the infamous club of consumer abusers in the banking industry, despite the alarm bells set off by the notorious Wells Fargo case. On this week’s episode of Corruption, Crime and Compliance, host Michael Volkov explores the shocking details of Bank of America’s recent $250 million settlement for account fraud and abuse with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). This episode shines a light on corporate complacency, the inherent risk of ill-conceived sales incentives, and the importance of internal risk assessment in the wake of industry scandals.