CFPB orders Bank of America to pay $12 million

by Keith Schostag, NAFCU Compliance Blog

On November 28, 2023, the Consumer Financial Protection Bureau (CFPB) announced a $12 million civil penalty and the filing of a consent order against Bank of America, N.A. (BoA) for allegedly reporting false mortgage data.

Alleged conduct

In the Consent Order, CFPB alleges the following conduct:

  • Failed to accurately collect and report HMDA data:

 

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