Bank of America Tightens Compliance Processes, including Collections, Across Businesses
May 29 2015 - 03:08PM
Business Wire
Bank of America today entered into a consent order with the
Office of the Comptroller of the Currency (OCC) in which it agreed
to continue to make improvements to its compliance practices,
specifically enhancing its non-home loan collections litigation and
Servicemembers' Civil Relief Act (SCRA) processes as well as its
enterprise compliance program.
The order covers collections litigation from several years ago
for a small percentage of credit card and deposit overdraft
customers who defaulted on their account, and also covers SCRA
account servicing. The issues were discovered by reviews that began
in 2011; since that time, Bank of America enhanced its collections
litigation and sworn documents processes and enhanced controls
around SCRA across the company. In addition, Bank of America is
building upon a number of initiatives already underway to better
manage compliance risk going forward.
“We have taken significant steps over the last several years,
and will take further steps now, to ensure we have the right
controls and processes in place to meet – and exceed – what is
required by law and what our customers deserve and expect,” said
Andrew Plepler, Bank of America Global Corporate Social
Responsibility and Consumer Policy Executive.
Bank of AmericaBank of America is one of the world's largest
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
48 million consumer and small business relationships with
approximately 4,800 retail financial centers and approximately
15,900 ATMs and award-winning online banking with 31 million active
users and approximately 17 million mobile users. Bank of America is
among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
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Reporters May Contact:Lawrence Grayson, Bank of America,
1.864.370.6709lawrence.grayson@bankofamerica.com
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