Bank of America to Pay $30 Million to Settle OCC Charges

Bank of America will pay $30 million to settle charges brought by the Comptroller of the Currency (OCC) alleging violations of law and unsafe or unsound practices in connection with the bank’s non-home loan compliance with the Servicemembers Civil Relief Act (SCRA), and unsafe or unsound practices in connection with non-home debt collection litigation practices.

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The enforcement action is intended to correct deficiencies in the bank’s practices and procedures related to its SCRA-compliance program and to address the preparation and notarization of affidavits and other sworn documents used in the bank’s debt collection litigation.

The OCC’s enforcement action also directed the bank to improve its SCRA-compliance policies and procedures for determining whether military personnel are eligible for requested SCRA-related benefits, for ensuring that the bank calculates the SCRA benefits correctly, and for verifying the military service status of service members prior to seeking or obtaining default judgments on non-home loans.

The enforcement action also directed the bank to improve its enterprise-wide compliance risk management program.

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