2022-05-05 05:52:11 BAC Bank of America
05/05/22 05/0505:52 05/05/2205:52 | Bank of America to pay $10M to settle CFPB claims of illegal garnishmentsThe Consumer Financial Protection Bureau on Wednesday finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against its customers' bank accounts. Bank of America unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders that should have been processed under the laws and protections of the states where the consumers lived. Bank of America also violated the law by inserting unfair and unenforceable language into customer contracts that purported to limit customers' rights to challenge garnishments. The CFPB's order requires Bank of America to refund or cancel imposed fees from unlawful garnishments, review and reform its system for processing garnishments, and pay a $10M civil penalty. "Bank of America imposed unlawful garnishment fees and injured its customers by inserting unenforceable clauses into contracts in an attempt to strip legal rights from families," said Rohit Chopra. "The CFPB is ordering Bank of America to fix its systems, clean up its contracts, and make its victims whole." |
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