CFPB v. Bank of America, N.A.

Bank of America, N.A. allegedly opened credit card accounts without consumer consent and in doing so, obtained consumer credit reports without a permissible purpose, in violation of the Truth in Lending Act and its implementing regulation, the Fair Credit Reporting Act, and the Consumer Financial Protection Act of 2010. Bank of America further allegedly engaged in deceptive acts or practices by: (a) advertising a sign-up bonus for a rewards card on its website, making it appear it was available to all applicants, but later denying the bonus to consumers who applied over the phone or in person and not online; and (b) offering a sign-up bonus for a rewards card to certain consumers but then failing to provide them the promised bonuses due to employee error, according to CFPB.

Summary generated from official Consumer Financial Protection Bureau press release