Bank of American is in talks with the Consumer Financial Protection Bureau (CFPB) to settle allegations that the company misled consumers in purchasing credit products.
Though talks are ongoing and not final numbers have been reached, the $800 million settlement would be the largest settlement ever levied by the CFPB.
This settlement would mark an important milestone of the CFPB investigation of add-on credit features that were inappropriately charged to customers. Capital One, Discover, American Express and JP Morgan Chase and Co have all previously settled with the consumer protection agency since the investigation began in 2012.
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