Bank of America is being fined $225 million by federal regulators for how they handled a jobless benefits program during the COVID-19 pandemic.
have hit Bank of America with a $225 million fine for what they allege were shortcomings in how the bank handled jobless benefits during the COVID-19 pandemic.
Federal regulators accused Bank of America of making it difficult for people to unfreeze their cards, alleging that the firm’s call centers were insufficiently staffed, requiring people to spend hours on hold trying to solve the problem. "Taxpayers relied on banks to distribute needed funds to families and small businesses to rescue the economy from collapse when the pandemic hit," said CFPB Director Rohit Chopra. "Bank of America failed to live up to its legal obligations.
"Bank of America’s support to the states enabled the government to successfully issue more than $250 billion in pandemic unemployment benefits to more than 14 million people and overall distributed to more pandemic relief to Americans than other bank," a spokesman for the company said in a statement provided to FOX Business. "In addition, we provided assistance to millions more by deferring mortgage, credit card and other payments.
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