Tag: OCC

Bank of America penalties

BofA Faces $425 Million in Penalties from Two Enforcement Actions

On By Jaclyn Jaeger

Bank of America has been ordered to pay $225 million in civil penalties and redress to harmed consumers for engaging in abusive practices when it denied consumers access to unemployment benefits on prepaid debit cards at the height of the COVID-19 pandemic. In a separate case, Bank of America is Read More

Help Wanted

Banks Struggling on Compliance Hiring, Says OCC Report

On By Jaclyn Jaeger

The banking sector is experiencing a “growing challenge” recruiting, retaining, and replacing compliance staff with the desired level of knowledge and experience, according to the Office of Comptroller of the Currency’s “Semiannual Risk Perspective” report, released June 23. Staffing struggles in the banking industry come at a time when compliance Read More