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OCC terminates consent order against Bank of America NA

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OCC terminates consent order against Bank of America NA

The Office of the Comptroller of the Currency on Jan. 23 terminated the consent order it issued to Bank of America NA in May 2015, according to a filing recently obtained by S&P Global Market Intelligence.

As previously reported, the OCC slapped the Bank of America Corp. unit with a $30 million civil money penalty and ordered remediation to approximately 73,000 affected customer accounts.

The actions were related to the bank's violations of law and unsafe or unsound practices connected with non-home loan compliance with the Servicemembers Civil Relief Act as well as unsafe or unsound practices connected with non-home debt collection litigation practices.