Bank of America fined $12 million for mortgage disclosure violations by federal watchdog
Publishing timestamp: 2023-11-28 19:19:23
Summary
Bank of America has been fined $12 million by the CFPB for reporting false mortgage lending data to the federal government. The bank violated the Home Mortgage Disclosure Act by failing to accurately report demographic data for mortgage applicants over a four-year period. The fine will be paid to the CFPB's victims relief fund. This comes as the Biden administration focuses on tackling racial discrimination in housing and mortgage lending. Bank of America has previously been fined by the CFPB for other violations.
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Source: https://www.cnbc.com/2023/11/28/cfpb-fines-bank-of-america-12-million-for-mortgage-violations.html