Since the financial crisis of 2008, provisions to recover pay have been strengthened at top U.S. banks to limit risk-taking.
Bank of America did not admit wrongdoing in its July 11 agreements with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency.
Lander oversees public-employee pension funds with some $300 million worth of Bank of America (BAC.N) stock.
It said Bank of America charged multiple fees to customers who did not have enough funds in their accounts from February 2018 until February 2022.
The bank said it voluntarily reduced overdraft fees and eliminated all nonsufficient fund fees in 2022.
Persons:
Brad Lander, Lander, Wells, Michael Garland, Ross Kerber, Matthew Lewis
Organizations:
New York, of America's, Bank of America, Consumer Financial Protection Bureau, Reuters, Bank of, Human, of America, Thomson
Locations:
New, Charlotte , North Carolina, Reuters , New York City, New York City, Boston