image credit: Adobe Stock

US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits

July 21, 2022


“Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud,” the CFPB says.

“Taxpayers relied on banks to distribute needed funds to families and small businesses to rescue the economy from collapse when the pandemic hit,” says CFPB director Rohit Chopra.

“Bank of America failed to live up to its legal obligations. And when it got overwhelmed, instead of stepping up, it stepped back.”

Read More on FinTech Futures