Add-ons Adding Up: Bank of America Hit for $747 Billion
CFPB (see also OCC penalty) orders Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to approximately 1.4 million consumers harmed by practices related to credit card add-on products. An additional $20 million CMP will be paid to CFPB by BofA as the 5th major FI fined for deceptive marketing of their add-on products related to credit monitoring and credit reporting services that were promoted, but not received. [4/10]
