By The Daily Hodl - 4 months ago - Reading Time: 2 minutes
Bank of America To Pay $12,000,000 Fine for Repeatedly Breaking the Law, Sending False Information to Regulators
One of the largest banks in the country is getting slapped with a multi-million dollar fine from the Consumer Financial Protection Bureau (CFPB).
The agency says Bank of America will pay $12 million for repeatedly sending false information to federal regulators.
The CFPB says BofA has routinely violated the Home Mortgage Disclosure Act, which was enacted in 1975.
The law requires lenders to maintain certain records and submit data about loan applications and originations to the CFPB to protect consumers against predatory practices in the residential mortgage market.
The CPFB says that hundreds of BofA loan officers neglected their duty to ask mortgage applicants a number of demographic questions as mandated by federal law. But instead of following up to get the necessary details, the loan officers falsely reported that 100% of mortgage applicants opted not to provide their demographic data over a three-month period.
The regulator also says that BofA failed to ensure that its loan officers were providing accurate information on mortgage applications. According to the CFPB, the lender’s loan officers were not collecting the required demographic data from mortgage applicants as early as 2013 but BofA chose to overlook the shortcoming.
Says CFPB Director Rohit Chopra,
“Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades. 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.”
In addition to the $12 million fine, the CFPB is requiring Bank of America to take measures that would stop its illegal data-collection practice.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Bank of America To Pay $12,000,000 Fine for Repeatedly Breaking the Law, Sending False Information to Regulators appeared first on The Daily Hodl.
Original source: The Daily Hodl