The Office of the Comptroller of the Currency (OCC) asked the No. 2
U.S. bank by assets to pay a penalty of $30 million due to non-home
loan compliance with the Servicemembers Civil Relief Act (SCRA) and
unsafe non-home debt collection litigation practices.
The OCC, which regulates and supervises all national banks, also
ordered "remediation" to about 73,000 affected customer accounts.
"The enforcement action is intended to correct deficiencies in the
bank's practices and procedures related to its SCRA- compliance
program," the OCC said on Friday.
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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, BofA said.
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BofA shifted its compliance group to risk oversight group from the
legal department earlier this year after regulators warned big banks
to adopt more ethical internal cultures.
(Reporting by Avik Das in Bengaluru; Editing by Maju Samuel)
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