![]() ![]() As of June 2023, the bank had $2.4 trillion in assets, which makes it the second-largest bank in the United States.Įnacted in 1975, the Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report information about loan applications and originations to the CFPB and other federal regulators. “It is illegal to report false information to federal regulators, and we will be taking additional steps to ensure that Bank of America stops breaking the law.”īank of America (NYSE:BAC) is a global systemically important bank headquartered in Charlotte, North Carolina. “Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades,” said CFPB Director Rohit Chopra. Under the CFPB’s order, Bank of America must pay $12 million into the CFPB’s victims relief fund. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions as required under federal law, and then falsely reported that the applicants had chosen not to respond. – The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law.
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