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Bank of America Bracing for $800,000,000 Loss As Investigators Probe BofA, JPMorgan Chase and Wells Fargo's Alleged Refusal To Reimburse Customers
The second-largest US bank by total assets says it's preparing for significant losses due to ongoing regulatory issues.
In a new filing with the U.S. Securities and Exchange Commission (SEC), Bank of America says it faces a “reasonably possible and estimable” loss of up to $800 million due to investigations from the Consumer Financial Protection Bureau (CFPB) and other federal regulators. The Senate Permanent Subcommittee on Investigations said in July that Bank of America, Wells Fargo and JPMorgan Chase had collectively declined to reimburse $880 million in disputed transactions on Zelle between 2021 and 2023. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X, Facebook and Telegram Surf The Daily Hodl Mix  Disclaimer: Opinions expressed at The Daily Hodl are not investment advice.
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