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Bank of America fined $225M over ‘botched’ disbursement of unemployment benefits

July 18, 2022

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“Today’s action demonstrates the OCC’s commitment to holding our regulated institutions accountable for treating consumers fairly,” Acting Comptroller Michael Hsu said in a statement. “The bank failed these prepaid cardholders by denying them access to their mandated unemployment funds during the height of the pandemic, and leaving these vulnerable consumers without an effective way to remedy the situation. Banks must pay attention to the financial health of their customers and conduct their activities in accordance with all consumer protection laws. When they don’t, we will act accordingly.”

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