Daily Archives: July 11, 2023

BoA Merrill Lynch Faces Consequences for Unlawful Practices

Today, the Consumer Financial Protection Bureau (CFPB) has taken action against Bank of America for engaging in illegal activities that harmed its customers. The bank has been ordered to pay over $100 million to affected consumers and an additional $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency…

Bank of America – is it the next Wells Fargo?

Remember, Wells Fargo lost almost 4,000 advisors over years due to the exact headline risk. If this headline is picked up heavily in the press it could have far reaching consequences for advisors’ practices.  At the least, these types of headlines do not bode well for client perception. Particularly since Bank of America leadership has…