Banking Law News

U.S. Discloses Bank of America Account Openings Inquiry (2)

Sept. 17, 2019, 2:46 PMUpdated: Sept. 17, 2019, 7:24 PM

The U.S. consumer financial regulator disclosed it is investigating whether Bank of America Corp. opened unauthorized accounts.

The Consumer Financial Protection Bureau has sought information from the bank regarding possible unauthorized consumer bank, credit card and other account openings going back to March 2014.

The action is the latest inquiry by federal banking regulators into industry practices in the wake of a Wells Fargo scandal involving more than 3.5 million unauthorized consumer accounts opened by bank staff.

The agency disclosed the Bank of America probe in a document rejecting the bank’s request to set aside a CFPB formal request for...

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