Bank of America today entered into a consent order with the Office of the Comptroller of the Currency (OCC) in which it agreed to continue to make improvements to its compliance practices, specifically enhancing its non-home loan collections litigation and Servicemembers' Civil Relief Act (SCRA) processes as well as its enterprise compliance program.
The order covers collections litigation from several years ago for a small percentage of credit card and deposit overdraft customers who defaulted on their account, and also covers SCRA account servicing. The issues were discovered by reviews that began in 2011; since that time, Bank of America enhanced its collections litigation and sworn documents processes and enhanced controls around SCRA across the company. In addition, Bank of America is building upon a number of initiatives already underway to better manage compliance risk going forward.
“We have taken significant steps over the last several years, and will take further steps now, to ensure we have the right controls and processes in place to meet – and exceed – what is required by law and what our customers deserve and expect,” said Andrew Plepler, Bank of America Global Corporate Social Responsibility and Consumer Policy Executive.
Bank of America
Bank of America is one of the world's largest
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 48 million
consumer and small business relationships with approximately 4,800
retail financial centers and approximately 15,900 ATMs and award-winning
online banking with 31 million active users and approximately 17 million
mobile users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to approximately
3 million small business owners through a suite of innovative,
easy-to-use online products and services. The company serves clients
through operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Contacts:
Lawrence Grayson, Bank of America,
1.864.370.6709
lawrence.grayson@bankofamerica.com