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Bank of America Fined US$30M Violating Consumer Protections

Friday, June 05, 2015 - Posted by Philip Harvey

The Bank of America was recently fined US$30M for violation of consumer protections in the US.

The bank breached the Servicemembers Civil Relief Act ("SCRA"). The purpose of the SCRA is to prevent military personnel who are in active service from abusive lending and debt collection practices. These practices were affecting non-home loan facilities.

The bank has undertaken to improve its compliance framework to:

  • Correctly determine if military personnel are eligible for SCRA benefits 
  • Verify the military status before seeking Judgments
  • Calculating the benefits under the SCRA

Source: http://www.nytimes.com/2015/05/30/business/dealbook/bank-of-america-fined-for-violations-of-military-relief-law.html?_r=0

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