Bank of America fined $225 mln for 'botched' disbursement of jobless benefits during pandemic

Bank of America has been fined $225 million by a pair of U.S. banking regulators over what they called a "botched" handling of jobless benefits during the pandemic.

The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said the bank had a faulty fraud detection program that improperly froze accounts of thousands of people seeking jobless benefits in 2020 and 2021.