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July’s largest operational risk loss was a $225 million penalty suffered by Bank of America for mishandling a debit card programme that distributed unemployment benefits.
BofA held a contract to issue prepaid cards and deliver electronic payments to eligible benefits claimants in 12 states. A spike in unemployment following the emergence of Covid-19 in March 2020 caused card issuance to jump from under one million cards in January 2020 to over six million by July 2022, forcing the bank to
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