REGULATION · US
Bank of America settles cash-account interest-rate claims for $39 million
BofA agreed to pay $39M to resolve customer complaints that the bank failed to pay competitive interest on cash deposits. A class-action settlement highlighting regulatory focus on deposit pricing and consumer transparency in a rising-rate environment.
WHY IT MATTERS
Reinforces OCC/CFPB scrutiny of deposit pricing practices. BFSI firms must audit AI-driven deposit-offer algorithms for bias and compliance; automated decision-making in retail banking faces heightened audit and audit-trail requirements.
Source: Reuters Finance/AI · 2026-09-30