​Bank of America fined $30M for handling of military personnel accounts

The Office of the Comptroller of the Currency has fined Bank of America $30 million and told the bank to make remediation for roughly 73,000 customer accounts. The OCC said it took the actions against the bank for “violations of law and unsafe or unsound practices in connection with the bank’s non-home loan compliance with the Servicemembers Civil Relief Act, and unsafe or unsound practices in connection with non-home debt collection litigation practices.” The law shields military personnel…
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