Bank of America Exits Chicago Plan to Sell Overdue Parking Debt
Bloomberg 2026-07-16 15:03:27
Context: Bank of America has withdrawn from a plan with the city of Chicago to sell overdue parking debt, a move that has hindered the city's efforts to advance the deal this year. The decision affects the sale of debt owed to the city from fines and fees. Officials from the mayor's office have confirmed the development.
Key Facts
- Bank of America was previously working with Chicago on the sale of debt owed to the city from fines and fees related to overdue parking.
- The withdrawal of Bank of America has resulted in the inability of city officials to advance the deal so far this year.
- The development was confirmed by officials from the mayor's office, indicating a setback in the city's efforts to manage and recover outstanding parking debt.