The CFPB found the bank allowed fees to be repeatedly charged for the same transaction, allowing the bank to generate “substantial additional revenue.”īank of America eliminated all non-sufficient fund fees and reduced overdraft fees from $35 to $10 in the first half of 2022. Part of the penalties stem from a now-defunct Bank of America policy that charged customers $35 when the bank declined a transaction because a customer did not have enough funds in their account, also called a non-sufficient funds fee. The latest penalty includes $90 million to the CFPB and $60 million to the Office of the Comptroller of the Currency. The bank must also pay $80.4 million in consumer redress on top of the $23 million it had already paid to customers denied rewards bonuses.
It’s one of the highest financial penalties in years against the country’s second-largest bank, which was also ordered to pay a $10 million civil penalty over unlawful garnishments and $225 million in fines for "botched" state unemployment benefit disbursements in 2022. The federal regulator on Tuesday said the bank withheld credit card rewards, illegally double-dipped on fees and opened accounts without consent. Add those two groups together, and you have a big majority of food stamp recipients who are on board to edit some of the junk out of their grocery list.Bank of America has been ordered to pay $250 million in fines and customer compensation for deceptive practices that harmed "hundreds of thousands of consumers," according to the Consumer Financial Protection Bureau. And of the 46 percent of SNAP participants who initially opposed removing sugary drinks, 45 percent would change their position and support the policy if the new rules included additional benefits to purchase healthful foods. According to an April 2012 poll commissioned by the Harvard School of Public Health, 69 percent of respondents-who included both the general public and SNAP recipients-supported removing SNAP benefits for sugary drinks that number only dropped to 54 percent when counting only SNAP recipients. The complex challenges of transforming an $80 billion program are precisely why pilot programs-such as the one South Carolina is pushing for-could be potentially so important: They would test whether or not the hopes and concerns of either side would bear out in reality. In South Carolina, Republican Gov.Nikki Haley‘s administration is crafting a waiver request to the USDA to restrict what food stamp beneficiaries can and can’t buy. Tom Harkin, D-Iowa, and Tom Coburn, R-Okla., formally requested that the USDA circumvent Congress to approve such programs. 1, 54 national and local health groups called on the USDA to allow pilot programs to explore banning soda and other unhealthy foods from SNAP purchases. In June, Bloomberg and 17 other mayors, including Newark’s Cory Booker and Chicago’s Rahm Emanuel, sent a letter imploring congressional leaders to allow limits on soda and other sugar-sweetened beverages, which account for 58 percent of beverages purchased by households receiving SNAP benefits, according to a study conducted by researchers at Yale for the American Journal of Preventive Medicine.
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But the fight over how to put more nutrition into the Supplemental Nutrition Assistance Program has continued all summer.
Since then the section of the farm bill that funds food stamps has stalled in Congress.
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