BofA Fined $225 Million for Unfair Practices on Card Program (1)

Bank of America Corp. was fined $225 million by regulators for unfair and deceptive practices related to a prepaid card program to distribute unemployment insurance and other public-benefit payments amid the pandemic.

The Office of the Comptroller of the Currency ordered the bank to pay $125 million and provide remediation to consumers that were harmed by the practices, according to a statement from the regulator on Thursday. The card program served 12 states including California and New Jersey.

The Consumer Financial Protection Bureau also fined the company $100 million, accusing the bank of “botching the disbursement of state unemployment benefits ...