July 11, 2023

Brown Statement on Bank of America Breaking The Law

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown, Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) announced a $250 million enforcement action against Bank of America for withholding credit card rewards, double-dipping on customer fees, and opening fake accounts.

“Bank of America has clearly broken the law in yet another case of Wall Street banks taking Americans’ money to pad their already-massive profits. This is just the latest in a long line of illustrations of why we can’t trust Wall Street to do the right thing,”said Brown. “This kind of abuse is why we will continue to hold the big banks accountable, and it’s why we need the CFPB—so consumers can keep their hard-earned money.”