OREANDA-NEWS. June 01, 2015. Bank of America today entered into a consent order with the Office of the Comptroller of the Currency (OCC) in which it agreed to continue to make improvements to its compliance practices, specifically enhancing its non-home loan collections litigation and Servicemembers' Civil Relief Act (SCRA) processes as well as its enterprise compliance program.

The order covers collections litigation from several years ago for a small percentage of credit card and deposit overdraft customers who defaulted on their account, and also covers SCRA account servicing. The issues were discovered by reviews that began in 2011; since that time, Bank of America enhanced its collections litigation and sworn documents processes and enhanced controls around SCRA across the company. In addition, Bank of America is building upon a number of initiatives already underway to better manage compliance risk going forward.

“We have taken significant steps over the last several years, and will take further steps now, to ensure we have the right controls and processes in place to meet – and exceed – what is required by law and what our customers deserve and expect,” said Andrew Plepler, Bank of America Global Corporate Social Responsibility and Consumer Policy Executive.