Bank of America Fined $12 Million by CFPB Over Mortgage Data Reporting
November 28 2023 - 2:24PM
Dow Jones News
By Dean Seal
The U.S. Consumer Financial Protection Bureau has fined Bank of
America $12 million for allegedly submitting inaccurate mortgage
lending information to the federal government.
The agency said Tuesday that the bank's loan officers failed in
some instances to ask mortgage applicants certain federally
required demographic questions, including about race, ethnicity and
sex, but incorrectly reported that the applicants had opted not to
respond to those questions.
In a consent order with the CFPB, Bank of America neither
admitted nor denied the regulator's findings but agreed to resolve
the case with a $12 million penalty.
A spokesperson said that after receiving a complaint in 2020
about the demographic data collection, the Charlotte, N.C.-based
bank conducted a review and notified the government, prompting the
CFPB's inquiry.
"As the CFPB notes, we took additional steps in 2020 and 2021 to
enhance our monitoring and training to ensure employees ask
applicants for required racial, ethnic and gender information,"
Media Relations Head Bill Halldin said. "This data collection issue
had no impact on applications."
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 28, 2023 14:09 ET (19:09 GMT)
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