The remedy is a quarter of what the agency had previously sought.
Bank of America
Senate Banking Committee votes 18-6 to advance bill proposing clear regulatory framework for payment stablecoins.
The consent order was based on alleged BSA/AML violations, unsafe practices concerning those programs, and a failure to timely report suspicious activity and rectify CDD shortcomings identified earlier.
Bank of America, the second-largest US bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers, regulators allege.
In a research report this week picked up by Coindesk, the Bank of America called CBDCs and stablecoins "the natural evolution of money and payments".