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BofA Reaches $772M Credit-Card Settlement

Bank of America (NYSE:BAC) reached settlements on Wednesday worth $772 million with U.S. regulators to settle charges it duped customers with deceptive credit-card practices.The agreements make BofA the fifth major U.S. bank settlement over allegations of improper credit card add-on products like identity-theft protection and debt cancellation.The combined settlements with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency call for BofA to pay $727 million in refunds and $45 million in penalties."Bank of America both deceived consumers and unfairly billed consumers for services not performed. We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market," CFPB Director Richard Cordray said in a statement.The CFPB ordered BofA to pay a $20 million civil monetary penalty and about $727 million in relief to consumers hurt by the credit card add-on product practices. The agency said ab...

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