WASHINGTON—Bank of America 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 (OCC) and the Consumer Financial Protection Bureau (CFPB) said the bank had a faulty fraud detection program that improperly froze the prepaid card accounts of thousands of people seeking jobless benefits in 2020 and 2021.
