Bank of America to pay $30 million over debt-collection claims

Bank of America to pay $30 million over debt-collection claims

by Jesse Hamilton
Bloomberg News

WASHINGTON — Bank of America agreed to pay $30 million to settle a U.S. regulator's claims that it failed to comply with laws that protect military members from legal actions over unpaid loans.

The Office of the Comptroller of the Currency said its order is also intended to fix deficiencies in the bank's procedures for litigating against consumers with outstanding debts and how it ensures that legal documents are accurate, the agency said in a statement Friday.

Bank of America must pay back about 73,000 affected customers, according to the OCC statement.

In 2013, JPMorgan Chase & Co. faced a similar order to clean up its debt-collection practices.

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