FAQ Q: What violations has Bank of America been accused of? A: Bank of America has been accused of not honoring credit card rewards, double-dipping on fees, and opening fake accounts without customer consent. These practices have been found to be in violation of consumer financial protection laws. Q: What fines does Bank of America have to pay as a result of the violations? A: Bank of America will have to pay over $100 million to customers and roughly $90 million in penalties to the Consumer Financial Protection Bureau (CFPB). The Office of the Comptroller of the Currency (OCC) has also ordered the bank to pay $60 million in fines. Q: Has Bank of America faced regulatory fines in the past? A: Yes, the bank has faced regulatory fines in the past for illegal credit card practices and unlawful garnishments. Last year, the bank was ordered to pay $225 million to consumers for mishandling state unemployment benefits. Q: What changes has Bank of America implemented in response to the violations?