Posted on May 5, 2022
Trying to end a repeat of your own fake-account scandal within Wells Fargo, U.S. regulators from inside the later 2016 launched assessments of your own conversion process practices within most other larger financial institutions.
Following critiques was basically done, the regulators assured outside observers that banking companies got generated confident change and you will had been now offering their products in manners you to most readily useful lined up with the appeal of its users.
Anywhere between 2016 and you can 2018, BofA are among nearly fifty high and midsize financial institutions that undergone a different regulatory examination, hence focused on transformation techniques, from the Place of work of the Comptroller of one’s Money.
BofA has also been designated having intimate remark from the Consumer Economic Protection Bureau, and therefore released an investigation towards the whether the Charlotte, Letter.C.-oriented providers unsealed bank card account as opposed to customers’ consent, as Wells had done. (more…)