The Traderszone Network

Published in TZ Latest News 29 May, 2015 by The TZ Newswire Staff

Bank of America to improve compliance practices, pay $30 million fine to OCC

The Office of the Comptroller of the Currency (OCC) asked the No. 2 U.S. bank by assets to pay a penalty of $30 million due to non-home loan compliance with the Servicemembers Civil Relief Act (SCRA) and unsafe non-home debt collection litigation practices. The OCC, which regulates and supervises all national banks, also ordered “remediation” to about 73,000 affected customer accounts. “The enforcement action is intended to correct deficiencies in the bank’s practices and procedures related to its SCRA- compliance program,” the OCC said on Friday.