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Stories Stories Business Bank of America near credit card deal with U.S. regulator

Bank of America near credit card deal with U.S. regulator

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Written by Ramon Jesus Ragot Jr     April 04, 2014    
 
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Bank of America Corp is close to settling with a U.S. consumer regulator over the sale of services sold as add-ons to credit cards, sources familiar with the talks said.

The second-largest U.S. bank said in an August securities filing that it had been in discussions with regulators to address concerns over the sale and marketing of credit card debt cancellation products and identity theft protection services that it offered alongside its credit cards.

News of the potential settlement with the Consumer Financial Protection Bureau was first reported by the Wall Street Journal

It added that it may be required to repay or provide other relief to consumers and also pay penalties to one or more regulators.

News of the potential settlement with the Consumer Financial Protection Bureau was first reported by the Wall Street Journal, which also said Bank of America could pay more than $800 million to settle the allegations against it.

[Read Full Article:  Bank of America near credit card deal with U.S. regulator]

Location

Epicentre
901 K St NW
Washington, DC, United States

Details

Author
EMILY STEPHENSON AND PETER RUDEGEAIR
Contributor's Comment
Spokesmen for Bank of America and the CFPB declined to comment.
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