Bank of America to Pay $12 Million Fine Over Inaccurate Mortgage Data: CFPB

Bank of America will pay $12 million for submitting inaccurate mortgage data to the federal government under a long-standing federal law, the Consumer Financial Protection Bureau (CFPB) announced on Tuesday. The federal agency, championed by Democrats, noted that the second-largest U.S. bank, which holds $2.4 trillion in assets, neither admitted nor denied wrongdoing in the case. The penalty stems from claims that Bank of America loan officers neglected to ask legally required questions about the race, ethnicity, and sex of mortgage applicants. Bill Halldin, a spokesperson for Bank of America, told The Epoch Times that some of the violations occurred within the first quarter of 2020, involving 113 loan officers, and other violations occurred in certain three-month periods spread across 2016 to 2021, involving 290 other loan officers. The bank employs over 4,500 loan officers who are not only focused on home loans, he noted....