• Feds investigating Bank of America for possible unauthorized accounts

    By: Caroline Hudson, Charlotte Business Journal

    Updated:

    CHARLOTTE, N.C. - Charlotte-based Bank of America Corp. is under investigation to determine whether it opened unauthorized customer accounts, according to information released on Tuesday by the Consumer Financial Protection Bureau.

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    The CFPB issued a CID, or civil investigative demand, in March requesting documents from BofA in regards to potentially "unlawful acts or practices in connection with unauthorized consumer bank, credit card, and other accounts." The accounts in question go back to at least 2014.

    BofA promptly requested to dismiss the CFPB's demand, as the Office of the Comptroller of the Currency had already conducted similar investigations in more than 40 large and mid-size banks in the wake of a widespread, fake-accounts scandal uncovered at Wells Fargo & Co. in 2016.

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