Bank of America agreed to pay nearly US$800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, US regulators said yesterday.The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency said they had ordered the bank to pay US$727 million in relief to consumers to resolve problems with add-on products providing identity theft and payment protection products.
The bank must also pay fines of US$20 million to the bureau US$25 million to the OCC."We have consistently warned companies about illegal practices related to credit card add-on products," bureau director Richard Cordray said in a statement. "We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market."
Reuters