Bank of America says it lost ‘hundreds of millions’ on California’s unemployment fiasco

Bank of America says it lost ‘hundreds of millions’ on California’s unemployment fiasco

Assemblymembers listen as Faiz Ahmad, Bank of America managing director of transaction services, makes opening comments during a budget subcommittee hearing on unemployment insurance on Jan. 26, 2021. Photo by Anne Wernikoff, CalMatters In summary State payment contractor Bank of America was pitted against California employment officials at a legislative hearing on monthslong benefit delays […]

Bank of America says it lost ‘hundreds of millions’ on California’s unemployment fiasco

Bank of America says it lost ‘hundreds of millions’ on California’s unemployment fiasco

Assemblymembers listen as Faiz Ahmad, Bank of America managing director of transaction services, makes opening comments during a budget subcommittee hearing on unemployment insurance on Jan. 26, 2020. Photo by Anne Wernikoff, CalMatters In summary State payment contractor Bank of America was pitted against California employment officials at a legislative hearing on monthslong benefit delays […]

How Bank of America helped fuel California’s unemployment meltdown

How Bank of America helped fuel California’s unemployment meltdown

Stephanie Moore sits with her eight-month-old dog Spooky at a local park in Lawndale, CA, on Nov. 17, 2020. Money unexpectedly went missing from Moore’s Bank of America-issued unemployment debit card. Photo by Tash Kimmell for CalMatters In summary After the Great Recession, California signed an exclusive contract with Bank of America to distribute unemployment […]