Advanced Search

Volume 25 - Number 8

April 14, 2014

CFPB Requires $747 Million from BofA Over Credit Card Practices

Bank of America will have to pay $727 million in restitution to consumers who were harmed by practices related to its credit card add-on products, under the terms of a consent order announced last week by the CFPB. That is the single largest amount of money yet returned to consumers in such an action by the bureau. BofA also agreed to pay a $20 million civil money penalty to the CFPB. The bureau went after BofA on two fronts: allegedly deceptive marketing practices as well as unfair billing practices. The marketing practices at issue had to do with two credit-card payment-protection products, “Credit Protection Plus” and “Credit Protection Deluxe.” “The bureau found that the telemarketing scripts Bank of America used...

Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?

Subscribe

This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.

 

Pay-Per-View

You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

In 2016, what have you been paying your retail residential loan officers, on average, as a commission?

25 to 50 basis points per loan
51 to 75 bps
76 to 100 bps
101 to 150 bps
More than 150 bps
We’re a call center lender and don’t disclose that data point.

vote to see results
Housing Pulse