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TruStage RISK Alert: CFPB Consent Order Targets Multiple NSF Fees on Same Transaction

The Consumer Financial Protection Bureau (CFPB) recently issued a consent order against Bank of America for a number of questionable activities including assessing multiple NSF fees on the same transactions.

The CFPB ordered the bank to refund all repeat NSF fees totaling approximately $80.4 million and to pay a $60 million civil monetary penalty. The Office of the Comptroller of the Currency concurrently issued an order against the bank separately fining it $60 million.

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