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Consumer Financial Protection Bureau reviews Bank of America for fake accounts

People use a Bank of America automatic teller machine.
Photo: Nicholas Kamm/AFP/Getty Images

The Consumer Financial Protection Bureau has opened an investigation into whether Bank of America violated federal law by opening unauthorized credit card accounts, American Banker reported Wednesday.

Backgrou In one document, a lawyer for Bank of America acknowledged the bank found specific instances of “potentially unauthorized credit card accounts,” American Banker reports, noting the lawyer said that the number of such accounts that had been identified was “vanishingly small.”

Details: In one document, a lawyer for Bank of America acknowledges the bank found specific instances of “potentially unauthorized credit card accounts,” American Banker reports, noting the lawyer said that the number of such accounts that had been identified was “vanishingly small.”

Flashback: Wells Fargo faced hundreds of millions of dollars in penalties, and ultimately criminal and civil lawsuits in the case reached $2.7 billion by the end of 2018.

Go deeper: Bank of America to stop lending to private prisons and ICE detention centers