Here we go again: CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts: HTML.

Wells Fargo deceptive history. I posted about Well’s Fargo many times over the years.

• 2012 – reckless lending practices: HTML.
• 2018 – forcing unwanted insurance on customers: HTML. (Note: BofA tried to do this to my uncle in Los Angeles with flood insurance for his house on a hill.)
• 2018 – modification of business loan customer documents without permission in 2018: HTML.
• 2019 – discrimination in hiring: HTML.
• 2022 – charging illegal fees and interest: HTML. The article linked in that post states: “Wells Fargo has been sanctioned repeatedly by U.S. regulators for violations of consumer protection laws going back to 2016, when employees were found to have opened millions of accounts illegally.”

Bank of America too. I also posted about Bank of America several times as well.

• 2013 – Selling “toxic waste” mortgage securities: HTML.
• 2014 – $16.65 billion dollar settlement of “toxic mortgage securities during the subprime housing boom’: HTML.
• 2014 – deceptive credit card practices: HTML.

What’s a consumer to do? I tell students every semester to consider using credit unions instead of big banks. Regardless, here are three related perspectives:

1. “Proceed as if everyone is trying to **** you.” -late friend W.C.
2. “Know the condition of your flocks.” -Biblical perspective
3. “Be mindful.” -Buddhist perspective.

Be mindful my friends…

-Dr. Moore