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Bank of America to pay out $800M in CFPB settlement

Bank of America to pay out $800M in CFPB settlement

Bank of America is in talks to pay more than $800 million to settle allegations by the Consumer Financial Protection Bureau that it forced customers to sign up for extra credit-card products, the Wall Street Journal reported, citing sources.

The settlement, which could be announced in the coming days, would be the CFPB’s largest ever with a financial institution.

It would mark the agency’s fifth settlement with a credit-card provider over so-called add-on products, such as identity-theft protection and debt cancellation products in the event of a job loss.
A significant chunk of the money is expected to go back to customers, according to the Journal.

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