Bank of America to Pay $10 Million Fine for Processing Illegal Garnishments

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This is not the first time, the CFPB ordered Bank of America to pay a penalty for engaging in deceptive and unfair business practices. In 2014, the bank paid $727 million in relief to consumers harmed by its unlawful credit card billing practices.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has the authority to penalize financial institutions for violating consumer financial laws.

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