In Bank of America Settlement, Consumers Deserve Real Relief
Recently, yet another record-breaking settlement was reached between a large bank and the U.S. Department of Justice to address the massive harm done to families during the financial crisis.
In the largest settlement between a single company and the Justice Department in history, Bank of America agreed to pay a $17 billion penalty for harmful behavior that contributed to the financial collapse of the late 2000s.
As part of the deal, Bank of America will offer $7 billion worth of consumer relief to affected homeowners.
Since the $7 billion will likely come in multiple forms, NCLR applauds the appointment of an independent monitor to oversee the settlement’s implementation.