Bank of America in Charlotte, N.C., will pay a $10 million fine to the Consumer Financial Protection Bureau to address how the bank processed garnishment notices.
The CFPB said in a press release Wednesday disclosing the consent order that it determined that the $2.5 trillion-asset company “engaged in unfair and deceptive acts and practices in violation of the Consumer Financial Protection Act of 2010.”
Specifically, the agency said BofA “unfairly required consumers to waive its liability as to consumers’ garnishment-related protections in its deposit agreement and misrepresented to consumers that they could not go to court to attempt to prevent wrongful garnishments. “