Bank of America (BoA) is in the news again. This time, Bank of America must pay a $30 million fine after a financial regulator found numerous violations related to the accounts of 73,000 military service members.
1. What actions did the bank take against military service members that were illegal?
2. What steps did BoA say were taken to prevent further violations?
3. What other bank was found to have violated the Servicemembers Civil Relief Act in 2013?
Corkery, M. (2015). Bank of America Fined for Violations of Military Relief Law. The New York Times, May 29 (Retrievable online at http://www.nytimes.com/2015/05/30/business/dealbook/bank-of-america-fined-for-violations-of-military-relief-law.html?mabReward=CTM&moduleDetail=recommendations-1&action=click&contentCollection=Politics®ion=Footer&module=WhatsNext&version=WhatsNext&contentID=WhatsNext&configSection=article&isLoggedIn=false&src=recg&pgtype=article)