On July 11, 2023, Bank of America was ordered to provide more than $100 million to affected customers and pay $150 million in civil penalties, although the penalties were imposed jointly by the CFPB and the OCC rather than by the CFPB alone.
Mostly True
The Consumer Financial Protection Bureau ordered on July 11, 2023 Bank of America to provide over $100 million to customers and pay $150 million in penalties.
What’s ahead for Bank of America and its customers | Consumer Financial Protection Bureau
Source: consumerfinance.gov
At a glance
Verified August 31, 2026Key Evidence
The CFPB’s official announcement said Bank of America was ordered to pay more than $100 million to harmed customers. The relief covered customers affected by repeated fees, withheld rewards and unauthorized accounts.
The total penalties were $150 million, but they were divided between two regulators: $90 million to the CFPB’s victims relief fund and $60 million to the Office of the Comptroller of the Currency.
The July 11 date is supported by the New Hampshire Banking Department, Reuters, NPR, the Los Angeles Times and Bloomberg. The CFPB’s later July 20 explanation confirms the separate $90 million and $60 million penalty payments.
The reporting
What the Evidence Shows
Federal regulators announced on July 11, 2023, that Bank of America had to provide more than $100 million in consumer relief and pay $150 million in penalties. The Consumer Financial Protection Bureau’s announcement attributed the action to the bank’s repeated insufficient-funds fees, withholding of credit-card rewards, and opening of unauthorized accounts. The Office of the Comptroller of the Currency was also a party to the enforcement action.consumerfinance.govconsumerfinance.govCFPB Takes Action Against Bank of America for Illegally Charging Junk Fees,...
banking.nh.govbanking.nh.govCFPB takes action against Bank of America for illegally charging junk fees,...+1 more
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