CHARLOTTE, N.C. — Charlotte-based Bank of America Corp. (NYSE: BAC) is under investigation to determine whether it opened unauthorized customer accounts, according to information released on Tuesday by the Consumer Financial Protection Bureau.
The CFPB issued a CID, or civil investigative demand, in March requesting documents from BofA in regards to potentially "unlawful acts or practices in connection with unauthorized consumer bank, credit card, and other accounts." The accounts in question go back to at least 2014.
BofA promptly requested to dismiss the CFPB's demand, as the Office of the Comptroller of the Currency had already conducted similar investigations in more than 40 large and mid-size banks in the wake of a widespread, fake accounts scandal uncovered at Wells Fargo & Co. (NYSE: WFC) in 2016.
In its petition to dismiss, BofA said it views the OCC's investigation as appropriate given the circumstances, but the more recent CFPB probe is "unnecessary, redundant and unduly burdensome."
For more details on the investigation, click here to read the full story on the Triad Business Journal's website.
