The Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) have fined the Bank of America (BofA) for their deficient disbursement of state unemployment benefits during the Covid-19 pandemic.
In a speech delivered this week by Nikhil Rathi, chief executive of the UK’s Financial Conduct Authority (FCA), to the Peterson Institute of International Economics, Rathi explained that the regulator has “invested heavily in data and technology” to take a more proactive stance and, crucially, spot harm and intervene more quickly and more broadly.
The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit