Banks fined $1.66 Billion for illegal credit card practices that ripped off over 10 million customers
Bank of America will refund up to 2.9 million customers $727 million plus pay $45 million in fines for illegal credit card practices such as credit monitoring and identity theft protection.
It should be obvious why banks tried so hard to kill the Consumer Financial Protection Bureau (CFPB) and continue to try to weaken this new institution’s ability to fight the rampant fraud that infests all our institutions — banking, insurance, health care, the political system, and Wall Street.
Bank of America $772 million to 2.9 million customers. Chase & JPMorgan Chase $369 million to 2.1 million customers. Discover $214 million to 3.5 million customers. Capital One $165 million to 2 million customers. American Express $112.5 million to 335,000 customers. GE CareCredit $34.1 million to 1.2 million customers.