Sep 19, 2019

Consumer Financial Protection Bureau reviews Bank of America for fake accounts

Dion Rabouin, author of Markets

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

Go deeper

Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 6,804,044 — Total deaths: 362,678 — Total recoveries — 2,788,806Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 1,909,077 — Total deaths: 109,497 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Why the pandemic is hitting minorities harder — Coronavirus curve rises in FloridaHow racism threatens the response to the pandemic Some people are drinking and inhaling cleaning products in attempt to fight the virus.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model.
  5. Business: Budgets busted by coronavirus make it harder for cities to address inequality Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.

George Floyd updates

Protesters in Washington, D.C. on June 6. Photo: Samuel Corum/Getty Images

Thousands of demonstrators are gathering in cities across the U.S. and around the world to protest the killing of George Floyd. Huge crowds have assembled in Washington, D.C., Philadelphia and Chicago for full-day events.

Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make new changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct.

Why the coronavirus pandemic is hitting minorities harder

Illustration: Aïda Amer/Axios. Photo: Mark Makela/Getty Images

The coronavirus’ disproportionate impact on black and Latino communities has become a defining part of the pandemic.

The big picture: That's a result of myriad longstanding inequities within the health care system and the American economy.