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WASHINGTON (Reuters) – Bank of America (NYSE:BAC) has been fined $225 million by a pair of U.S. banking regulators over what they called a “botched” handling of jobless benefits during the pandemic.
The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said the bank had a faulty fraud detection program that improperly froze accounts of thousands of people seeking jobless benefits in 2020 and 2021.
