Banking

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.”

European bankers fight negative interest rates

Europe’s top banking executives are joining politicians in a wide-ranging pushback against negative interest rates ahead of this month's ECB meeting.

Driving the news: Deutsche Bank CEO Christian Sewing on Wednesday warned that further reducing interest rates, as the central bank is widely expected to do next week, will "ruin the financial system" and have "grave side effects" for the region.