Investigations

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.”

Timeline: The major developments in the college admissions scandal

Felicity Huffman. Photo: Boston Globe/Getty Images

In what Department of Justice prosecutors are calling the biggest admissions scam in U.S. history, parents allegedly bribed coaches and paid for forged standardized tests in a conspiracy to get their children admitted to elite American colleges.

Driving the news: On Sept. 13, Felicity Huffman became the first parent sentenced in the scandal to be sentenced. On Sept. 17, Chinese national Xiaoning Sui became the 52nd person charged.