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Non-Tech : Bank of America

BAC 43.04

+1.3%

Mar 24 4:00 PM EDT

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From: Sr K	7/14/2022 4:29:47 PM
	of 4366

Bank of America Fined $225 Million for Mishandling Pandemic Unemployment Benefits Regulators said the bank must compensate people whose access to funds was denied or delayed Bank of America froze thousands of accounts as a result of putting filters in place to detect fraud.PHOTO: RICHARD B. LEVINE/ZUMA PRESS By Orla McCaffrey July 14, 2022 3:57 pm ET SHARE Listen to article (3 minutes) Federal regulators fined Bank of America $225 million for mishandling the distribution of unemployment benefits and other government benefits at the height of the pandemic. The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau also ordered the bank to repay customers who were wrongfully denied access to their unemployment benefits. Those customers will have the opportunity to have their cases individually reviewed and receive additional compensation, the CFPB said. Exc.

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